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

Common Types of Bank Transfer Scams

Fake Supplier Fraud Scammers impersonate legitimate suppliers and claim their bank details have changed. They may also issue false invoices pretending to be from real suppliers.

CEO Fraud ('Fake President') Criminals pose as company executives and urgently request bank transfers from accounting staff. In 2013, this scam cost Vallourec €23 million in just weeks.

Phishing Fraudsters collect personal data to steal identities, often using this information to execute other scams like bank transfer fraud.

Internal Fraud Employees with access to sensitive data may conduct unauthorized transfers through corruption, asset misappropriation, or overbilling, potentially costing companies 5% of annual turnover.

Warning Signs of Bank Transfer Scams

• Unusual transfer requests
• Bank details from outside Europe
• Spelling mistakes in communications
• Suspicious domain names or extensions
• Unusual file attachments (like .scr or .cab)
• Urgent payment requests
• New bank account details

Protection Measures

1. Verify all payment requests through established contact channels
2. Install robust antivirus software
3. Implement strong password policies
4. Enable two-factor authentication
5. Distribute financial responsibilities among multiple staff
6. Secure similar domain names to prevent cybersquatting
7. Protect financial staff's contact information

If You're Scammed

Report the incident immediately to:

• Your bank
• Local police
• Relevant fraud authorities

Legal Consequences for Scammers:

• General fraud: Up to 5 years imprisonment and €375,000 fine
• Identity theft: Up to 1 year imprisonment and €15,000 fine
• System access fraud: Up to 2 years imprisonment and €60,000 fine

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