Bank transfer scams, also known as Authorized Push Payment (APP) fraud, occur when criminals deceive individuals or businesses into sending money to fraudulent accounts. Here are the main types and how to protect yourself.

Common Types of Bank Transfer Scams

Fake Supplier Fraud Scammers impersonate legitimate suppliers, claiming changed bank details and requesting payments to fraudulent accounts. They may also issue false invoices pretending to be legitimate suppliers.

CEO Fraud ('Fake President') Criminals pose as company executives, usually targeting accounting staff with urgent transfer requests. In 2013, this scam cost Vallourec €23 million in just weeks.

Phishing Often used as an entry point, criminals collect personal data through deceptive communications to facilitate other scams like bank transfer fraud.

Internal Fraud Committed by individuals with access to sensitive company data, including asset misappropriation, overbilling, and intentional cash errors. This can cost organizations up to 5% of annual turnover.

Warning Signs

• Unusual transfer requests
• Bank details from outside Europe
• Spelling mistakes in communications
• Suspicious domain names or extensions
• Unknown file attachments (especially .scr or .cab)
• Urgent or pressure-based requests

Protection Measures

1. Verify all changed bank details directly with known supplier contacts
2. Implement strong antivirus software
3. Use unique, strong passwords
4. Enable two-factor authentication
5. Distribute financial management responsibilities
6. Secure similar domain names to prevent cybersquatting
7. Protect financial staff's contact information

Response to Fraud

If you become a victim, immediately:

• Contact your bank to stop or recall the transfer
• Report the incident to law enforcement
• Document all communication with the fraudsters
• Keep evidence for investigation

Legal Consequences for Perpetrators:

• Scamming: Up to 5 years imprisonment and €375,000 fine
• Identity theft: Up to 1 year imprisonment and €15,000 fine
• Fraudulent system access: Up to 2 years imprisonment and €60,000 fine

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