Watching supplier bank details

11th September 2011
Whilst businesses will be vigilant and careful with making payments over the Internet, using their banks Internet Banking offering, how many times do you actually consider if the bank details you are using are correct?

Just think how easy it could be to get those details wrong, or for them to be changed without you being aware and your payment ending up in the wrong place, or worse!

An interesting scam that has become increasingly common recently is for a fraudster to request that you change an existing suppliers bank details so that payments get directed to him/her!  A simple telephone call, or maybe an e-mail might innocently get acted upon and before you know it your cash is lost to fraud.

This is becoming such an issue that recently we have noticed some of the banks posting notices on their systems warning customers about it.

Ensure therefore that you put the necessary checks in place to be certain that all requests to change a suppliers bank details are genuine. We would suggest only accepting changes from the company in writing on their letterhead and not verbally or electronically. You really cannot be too careful.  It might also be worthwhile regularly checking that the bank details that appear on suppliers invoices agree to those that you use when making payments.

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