Fraud Alert: Scammers are requesting account changes

Pete Abner

Mar 17, 2023

The banking industry is reporting a significant increase in account fraud. A high number of instances are being reported where scammers reach out to businesses via email posing as a client or vendors informing them they are changing their banking information. The information shared is routed to an illegitimate account, making it difficult for the money to be recovered.

If you are notified that a customer/vendor has switched banks, your first response should be to directly call the client and confirm over the phone that they have initiated this communication and change. Scammers have found ways to intercept emails and respond by posing the change as a legitimate request.

In today’s digital age, it’s essential to stay alert. With the scams getting more elaborate and the banks having to work extra to work through the fraud reports, the best sort of protection is prevention.

Your bank should have many options for protecting your accounts. It might be a good time to confirm that your accounts are well protected. If you do not have a banking relationship that is working well for your business, reach out to your client services manager, and we will connect you.

 

About The Author

Peter Abner serves as the primary advisor to the stakeholders and owners of closely-held and family-owned businesses providing…

Read More


Sign Up for Email Updates


Accounting & Financial News

Should Your Business Use GAAP Accounting?

It’s easy to understand why lending institutions and investors often require financial statements that comply with the standards of generally…

New Guide: Mastering Cash Flow to Drive Growth

Solid cash flow forecasting and management practices are fundamental to robust financial health and strategic decision-making, but they’re often overlooked…

An Overview of the Percentage of Completion Accounting Method for Construction Businesses

In the complex and sometimes chaotic world of long-term construction projects, many contractors find themselves struggling to…