November 2016 - Invoice fraud and 'bogus' boss scams
Please be vigilant, invoice fraud and 'bogus' boss scams are typically aimed towards business customers.
Invoice re-direction fraud occurs when fraudsters trick you into changing the bank account details set up for a regular or expected payment. Typically the fraudster poses as a supplier or a solicitor and sends the bogus request by letter, email or telephone.
A variation of this is the ‘bogus boss’ scam, also known as CEO fraud. This happens when fraudsters pose as a senior member of a company e.g. the Chief Executive or Managing Director and send an email instructing of an urgent and confidential payment to be made to the bank account details included within the message. The member of staff, believing that they are acting on the instruction of their boss, completes the transaction, which goes direct to the account that the fraudster has access to.
Help protect yourself from these scams by:
- Staying alert to any requests to change the bank account details of a payment, such as to a supplier or a solicitor.
- Always checking that a request to change account details or make an urgent payment is genuine - even if the request appears to have come from someone you know. Ideally by speaking to the person or company in person, or by telephone using an established contact number, BEFORE you amend the details or make the payment.
- Reconciling accounts daily to help quickly identify potential fraudulent transactions.
- Adopting dual control procedures for authorising payments and regularly conducting audits on your accounts.
October 2016 - Important customer reminder
Fraudsters are continuing to target customers through text, emails and telephone calls claiming to be from trusted organisations, like your bank or the police. These fraudulent actions intend to obtain your confidential account and security information.
Remeber, the bank, police or other trusted organisations will never:
- Ask for your financial information or your security details in full.
- Ask you for your PIN code or Card Reader codes.
- Ask you to move your money to a new or 'safe' account.
- Send you an email, text or social media message containing a link to a login page.
If you are given any of these instructions, it is a fraudulent approach. If you believe you are a victim of fraud please contact us immediately.
August 2016 - Fraudsters lure consumers into ‘investing’ in Binary Option scams
Fraudsters are setting up fake profiles on social media sites and attempting to lure you by offering the chance to ‘invest’ your money for a ‘cut of the profits’. Posing as successful Binary Option Brokers or Forex Traders, they post photos that show them in exclusive locations, with flash cars and wearing high-end watches. Typically, they ask you to send £100-£200 and claim they can make it into £1,000 or £2,000, but in reality they just take your money and never trade it.
Binary Options are called ‘Binary’ because there can be only two outcomes – win or lose. You bet on whether the price of a commodity such as gold, oil or stocks etc. will rise or fall below a certain amount. If you opt correctly, you will supposedly win the bet. If not, you lose your money. You aren’t buying or selling the commodity, just predicting if the price of it will rise or fall.
Victims scammed are left unable to cash out their winnings and any funds deposited.
- If you’re considering any type of investment, always remember: if it seems too good to be true, then it probably is.
- Be suspicious of any approach whether by telephone, email or networking sites, as no reputable brokers would do this.
- Do not give out personal or financial details and never agree to anything or send money upfront, without making your own enquires into the company or individual first.
- Further advice on Binary Options scams can be found here.
If you believe you are a victim of fraud please contact us immediately. If you think you may have been a victim of the above scam please also report it to Action Fraud by calling 0300 123 20 40 or by their using the online reporting tool.