IMPORTANCE OF GAINING CONFIRMATION PRIOR TO MONEY TRANSFERS BETWEEN PARTIES
We would like to inform you that fraud attempts may occur in money transfers between one party and its suppliers and/or vendors. The incidents indicate that the fraud attempts are made through hacking/stealing the relevant individuals’ e-mail accounts whereby changing the payment instructions, bank account details etc.
Hence, we would like to bring to your attention certain precautionary measures you may prefer to adopt during money transfers for your business transactions between you and your suppliers, vendors and so on. Our suggestions for both national and international money transfers, would be to first obtain recommendations and advice of your Bank consultant against such acts of fraud and:
- to obtain verbal confirmation by telephone of the relevant officer(s) of the recipient for their bank account/IBAN number information details; and
- to pay particular attention to the content, language and the style of writing of the e-mails received.
Kindly note that though banks establish fraud investigation units which aim to detect these kind of fraud attempts. However, in certain situations, this may not be sufficient to prevent such fraud cases.
Our Law Firm remains at your disposal for any further clarifications you may need.