From Cyprus Police.
What we need to know
A frequent form of online fraud is so-called invoice fraud. In this particular case, the fraudster
approaches a business and pretends to be a supplier or service provider, requests that the information
on future invoice payments be amended. In other words, it requests that the details of the payee's
bank account be changed and any new payments made according to the new data. Of course, the
new proposed account, which gives the company a victim, belongs to the fraudster.
The business can be approached by phone or by letter or by e-mail, or in other ways. What can you
do?
do?
As a business:
- Ensure that employees are informed and aware of the specific form of fraud and how to avoid it.
- Apply a procedure to verify the legality of the payment requests
you receive.
- Check the information posted on your business website, namely your contracts
and suppliers. Ensure that staff restrict the company's disclosure of information on social media.
- Instruct the staff responsible for paying invoices to carry out checks to detect any
irregularities.
- Do not carry out instructions for transferring money only by means of a directive given by
e-mail, but to make a second confirmation, for example,by telephone.
As an employee:
- Verify that all payment requests come from the actual suppliers of the business,
especially if they ask you to modify the details of their bank accounts for future payments of invoices
or other documents.
- Do not use the contact details included in the letter/fax/e-mail requesting the change of information.
Instead, use the contact information from your previous correspondence with the vendor.
- Specify unique business contact points where you make payments at regular intervals.
- Limit the information you share about your employer on social media.
- For payments exceeding a certain amount limit, specify a procedure for confirming the correct bank
account and recipient (e.g. contacting the business).
- When you pay an invoice, send an e-mail informing the recipient of the payment. In this you
- Do not use the contact details included in the letter/fax/e-mail requesting the change of information.
Instead, use the contact information from your previous correspondence with the vendor.
- Specify unique business contact points where you make payments at regular intervals.
- Limit the information you share about your employer on social media.
- For payments exceeding a certain amount limit, specify a procedure for confirming the correct bank
account and recipient (e.g. contacting the business).
- When you pay an invoice, send an e-mail informing the recipient of the payment. In this you
write the name of his bank and the last four digits of his bank account to secure the transaction.
Always report any suspected attempted fraud to the Police, even if you have not sent money to
this new account.
