Bank transfer fraud occurs when criminals manipulate individuals or companies into sending money to fraudulent accounts. Common types include:

Supplier Fraud (RIB Scam)

• Scammers pose as legitimate suppliers
• They request bank detail changes for payments
• Companies unknowingly transfer money to fraudulent accounts
• May include fake invoices using supplier company names

President Fraud

• Criminals impersonate company executives
• Target accounting department employees
• Request urgent bank transfers
• Use social engineering techniques
• Example: Vallourec lost €23 million through this scheme

Phishing

• Collects personal data through deceptive means
• Often precedes other fraud attempts
• Used to gather information for more sophisticated scams
• Targets both individuals and companies

Internal Fraud

• Committed by employees with access to sensitive data
• Includes corruption, asset misappropriation, overbilling
• Costs companies approximately 5% of annual revenue

Warning Signs

• Unusual transfer requests
• Bank details from outside Europe
• Spelling errors in communications
• Suspicious domain names or extensions
• Unknown file attachments

Prevention Measures

1. Verify all bank detail changes directly with known contacts
2. Implement strict verification procedures
3. Use quality antivirus software
4. Enforce strong password policies
5. Enable two-factor authentication
6. Distribute financial responsibilities among multiple staff
7. Protect company domain names
8. Limit public exposure of financial staff contact information

Immediate Actions if Fraud Occurs

• Contact your bank immediately
• File a police report
• Document all communication related to the fraud
• Notify relevant internal stakeholders
• Review and strengthen security measures

Remember to always verify unusual requests through established channels and maintain robust security protocols to prevent financial fraud.

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