A number of retailers, principally grocery stores, have recently been targeted by a series of fraud attempts. The scheme typically starts with an e-mail sent to the Accounts Payable department from a person claiming to work for a vendor. The e-mail states that the vendor has recently changed its banking information and asks that the store remit future payments intended for the vendor to a new bank account.
The "new" bank account typically belongs to a person who believes that he is doing legitimate business. After the retailer wires the money into the bank account, the bank account holder is told by the fraudulent vendor to wire the money to foreign bank accounts.
“Retail stores, as well as consumers, should remember to verify the identity of anyone requesting financial information or payments before sharing that information or sending money,” Morrison said. “Never give out personal financial information or the financial information of your company without confirming the identity of the person making the request.”
How to Protect Yourself and Your Company:
- Never provide personal financial information or that of your company, over the phone or the Internet if you did not initiate the contact. E-mails and Web pages created by scammers may look exactly like the real thing
- Never click on the link provided in an e-mail you believe is fraudulent. It may contain a virus that can contaminate your computer.
- Do not be intimidated by an e-mail or caller who suggests dire consequences if you do not immediately provide or verify financial information.
- If you believe the contact may be legitimate, contact the financial institution yourself. You can find phone numbers and Web sites on the monthly statements you receive from your financial institution, or you can look the company up in a phone book or on the Internet and contact them directly.
- Never provide your password over the phone or in response to an unsolicited Internet request. A financial institution would never ask you to verify your account information online.
- Review account statements regularly to ensure all charges are correct. If your or your company’s account statement is late in arriving, call your financial institution to find out why. If your financial institution offers electronic account access, periodically review these accounts online to catch suspicious activity.
- If you or your company fall victim to fraud, act immediately. Alert your financial institution. Place fraud alerts on your credit files. Monitor your credit files and account statements closely.
- Report suspicious e-mails or calls to the Federal Trade Commission.