With the increased focus on defending against ransomware attacks, manufacturers are being warned that another type of attack is also on the upswing. National Westminster Bank (NatWest), a large retail and commercial bank in the United Kingdom, is shining the spotlight on invoice redirection scams — which is costing businesses thousands of dollars.
“This is a very effective scam which can have devastating consequences. Victims typically lose about £30k, although some cases have involved significantly larger sums. So every business, however big or small, is a potential target,” says Richard Hill, head of manufacturing at NatWest.
“It is vital that any letters or emails that claim to come from your suppliers, and which ask you to change bank account details, are vetted. Call someone you know at the company using a number you know and trust, to ensure the instruction is genuine.”
A new educational video from NatWest explains how scammers select their targets and highlights examples of the fake instructions used to scam businesses.
“Education and awareness are key in the fight against fraud,” Hill adds. “We encourage all those involved with keying and authorising payments to watch the new clip and to exercise extreme caution should they receive a request to update long-standing payment instructions.”