Bank transfer scams take several forms, each designed to deceive individuals and businesses into sending money to fraudulent accounts. Here's what you need to know to protect yourself.

Common Types of Bank Transfer Scams

Fake Supplier Fraud:

• Scammers impersonate legitimate suppliers
• They claim bank details have changed
• Send false invoices using supplier company information
• Target companies' payment processing staff

CEO Fraud ('Fake President'):

• Criminals pose as company executives
• Request urgent bank transfers
• Use social engineering techniques
• Can result in massive losses (e.g., Vallourec lost €23 million)

Phishing:

• Collects personal data to steal identities
• Often precedes other types of fraud
• Targets both individuals and businesses
• Used to gather information for more sophisticated scams

Internal Fraud:

• Conducted by individuals with access to sensitive data
• Includes corruption and asset misappropriation
• Can cost companies 5% of annual turnover
• Involves overbilling and cash manipulation

Warning Signs and Prevention

Red Flags:

• Requests for urgent transfers
• Bank details from outside Europe
• Spelling mistakes in communications
• Unusual domain names or extensions
• Suspicious file attachments (.scr, .cab)

Protection Measures:

• Install robust antivirus software
• Implement strong password policies
• Enable two-factor authentication
• Distribute financial responsibilities
• Secure similar domain names
• Protect employee contact information
• Verify requests through known contact channels

If You're Scammed:

1. Contact your bank immediately
2. Report to law enforcement
3. Document all communication
4. Gather evidence of fraud

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