How to avoid the Change of Banking Details scam

The letterhead looks legit and the logo checks out, so why be concerned?

You go ahead and make payment to the new account but unfortunately, your funds will never reach your supplier because they’ve been diverted to a fraudster’s account.

The Change of Bank Details scam

This type of scam is a relatively simple fraud to carry out as long as the scammer has sufficient legitimate details to pass themselves off as your supplier. It doesn’t involve hacking into systems or obtaining passwords or bank account details. It just requires confidence and the ability to clone a company letterhead.

A more sophisticated version of this scam involves fraudsters hacking into email via phishing scams to steal usernames and passwords, which allows them to hack into business email accounts and intercept invoices. They then change the invoices and resend them with the incorrect banking details, and your accounts department is none the wiser.

Fraudsters can also intercept invoices you send to customers, change your banking details to their own and send on the invoice, which your customer believes is still legitimate.

So, how do you protect yourself (and your customers and suppliers) against the change of bank account details scams?

How to protect your business

• Always maintain a good relationship with existing suppliers and deal with the same person in each organisation and make a point of knowing their name.
• If you receive any change of banking details, pick up the phone and confirm with your usual contact that it’s a legitimate request before making any changes to beneficiary accounts.
• If you call your usual contact, use the phone number you have on record, rather than any details on the request. If it’s a scam the contact details will send you straight to the fraudster.
• Beware of email addresses that are almost identical to your supplier’s details, but not quite, such as .com instead of .co.za, or addresses that differ from the genuine one by perhaps one letter that can be easily missed.
• Instruct any staff who are responsible for paying invoices to examine invoices for any irregularities. If something seems strange, they should immediately escalate their suspicions.
• Don’t discard communication material such as letters or invoices that may contain letterheads (yours or your suppliers) without shredding it.

How to protect yourself

• While the Change of Banking Details scam predominantly targets businesses, fraudsters won’t miss an opportunity to scam individuals if they find the information they need to defraud you.
• Posted bills that you throw in the trash can be used to collect the details of your Internet providers, security company or any other service providers you work with. Scammers can then send you fraudulent invoices that you pay thinking you’re settling your normal monthly expenses.
• Shred documents that contain any sensitive information before disposing of them.
• To stay safe, instead of sharing your bank details via email, give your banking information directly over the telephone and double-check any changes in banking details by picking up the phone to verify them.

If you suspect fraud, report it

If you’re in any doubt about a particular payment or you suspect you may have been the victim of fraud, get in touch with us right away. We also recommend you report the matter to the police.

Standard Bank’s Fraud Line

• South Africa: 0800 020 600
• International: +27 10 249 0100

Contact details for Personal customers:

• South Africa: 0860 123 000
• International: +27 11 299 4701
• Email: information@standardbank.co.za

Contact details for Business customers:

Please reach out to your Relationship Banker, if you don't have their contact details, call;

• South Africa: 0860 109 075 - select option 2 and choose your province
• International: +27 11 299 4633