Bank transfer scams are sophisticated deceptions that can affect both businesses and individuals. Understanding these scams and knowing how to protect yourself is crucial in today's digital banking environment.

Common Types of Bank Transfer Scams

Fake Supplier Fraud Scammers impersonate legitimate suppliers and notify companies of supposed changes to bank account details. They may also issue counterfeit invoices to trick businesses into sending payments to fraudulent accounts.

CEO Fraud ('Fake President Fraud') Criminals pose as company executives and urgently request bank transfers from accounting staff. This scam can be highly costly - French company Vallourec lost €23 million through such a scheme.

Phishing Often used as an initial attack vector, phishing involves collecting personal data to facilitate other types of fraud. Criminals use this information to execute more sophisticated scams like fake supplier or CEO fraud.

Internal Fraud This occurs when individuals with access to company financial systems misuse their position to conduct unauthorized transfers. It can cost organizations up to 5% of annual turnover through various schemes like asset misappropriation and overbilling.

How to Identify Bank Transfer Scams

• Be suspicious of unexpected requests to change bank details
• Watch for accounts based outside Europe
• Look for red flags in communications:
  • Spelling errors
  • Suspicious domain names
  • Unusual file extensions (.scr, .cab)
• Always verify requests through established contact channels

Protective Measures

1. Install robust antivirus software
2. Implement strong password policies
3. Enable two-factor authentication
4. Distribute financial responsibilities among multiple trusted employees
5. Secure similar domain names to prevent cybersquatting
6. Protect financial staff's contact information

If You're Scammed

Bank transfer fraud is a serious crime that can result in:

• Up to 5 years imprisonment and €375,000 in fines for scamming
• 1 year imprisonment and €15,000 fine for identity theft
• 2 years imprisonment and €60,000 fine for fraudulent system access

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