All major retail banks are aware of the payment redirection scam and you should be too.
Payment redirection is a scam where you’re typically sent an email asking you to set up a payment to a new account or to amend existing account details. The successful ones almost always come from a supplier or contractor you’re already working with.
We know, you’re thinking I’d never get caught out like that… but take our word for it, there are times when these requests appear to be totally genuine. It’s a criminal market worth millions so it pays not to be complacent. In the case of emails, they can even be sent from a genuine email account that’s been hacked or cloned through a data breach. It’s not just email either, these redirection scams can be sent via text and letter on headed paper or direct by phone.
There are some straightforward steps you can take to avoid this type of scam
The first thing to do is check. Always confirm any instruction to make a payment to a new account or change existing account details directly with the person or company requesting the change. Do not reply to the message or use the contact details included in it, until you’ve checked it’s genuine. Use the contact details you already have on any correspondence you’ve previously received. Finally, don’t rely on checking a website for confirmation of contact details, at IYE we are all too aware of the number of active cloned websites – read our blog post on cloned websites here – https://www.iyeglobal.com/when-is-a-website-not-a-website/