Fraud – Change Of Bank Details

These cases though widely known of are unfortunately still commonplace.  The fraudster manages to change the bank payment details of a legitimate supplier so that the payment is diverted to the fraudster.

They do this by sending forged or altered versions of legitimate documents, invoices and/or emails that then flow through the organisation’s normal payment system.

The fraudster normally obtains data such as company invoices, via email phishing attacks and spyware or from colluding insiders.

The fraudsters often pay “runners” as fronts to open bank accounts into which conned organisations unwittingly send their payments.  By the time the legitimate supplier contacts the organisation for payment, the fraudster has withdrawn the funds or transferred them.

The runners are identified by the banks and sometimes apprehended but not always prosecuted because they often seek ignorance.

What questions do you have?

We are happy to help. Please post your comment below or call Paul Leonard, Partner at Cooney Carey, on 01 677 9000. Alternatively, send him an email: pleonard@cooneycarey.ie

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