Fraud Alert: Scammers are requesting account changes

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.