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Invoice fraud involves a fraudster notifying your company that supplier payment details have changed and providing alternative details in order to defraud you.
The fraudster could be claiming to be from your company’s genuine supplier, or even be posing as a member of your own firm. Funds are often quickly transferred so recovering money from fraudulent accounts can be extremely difficult.
Invoice fraudsters are often aware of the relationships between companies and their suppliers, and will know the details of when regular payments are due. The fraud may only be discovered when the legitimate supplier follows up on non-payments.
Fraudulent letters and emails sent to companies are often well-written, meaning the fraud is difficult to spot without strong operating processes and controls in place. Email addresses are also easy to spoof, or in the case of malware-infected PCs, criminals can access genuine email addresses.
The process of changing the bank details of someone you are paying should always be treated with extreme caution.
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A client received an email containing an invoice for the amount of £103k, which the client was expecting to pay. The payment wasn’t due until the following month therefore they didn’t act upon this invoice. They then received a second email following on from the original email trail with a new invoice attached advising that they were having issues with their bank account and provided new account details to pay.
The client then submitted a payment for the amount requested to pay an account held with another bank.
The client was made aware of the fraud when they were contacted by their genuine supplier who claimed that they hadn’t received the funds. The supplier confirmed that the bank details on the second invoice were not theirs.
The client's IT Team investigated to see where the email interception happened, however, the money transferred had already been moved on by the fraudsters by the time the alarm was raised.
If you have paid the invoice, contact us immediately. Our team will try to recover the money from the fraudster’s bank account. The quicker you alert your bank, the greater the chance of recovering the funds.
Report it to ActionFraud – the police’s national fraud and cyber-crime reporting centre. Even if you’ve not suffered any financial loss, this will allow the police to analyse trends and help them to prevent fraudsters exploiting other companies. You can file a report via their website at www.actionfraud.police.uk (opens in a new window)
If you receive a suspicious email that appears to be from Barclays, please forward it to email@example.com and then delete it from your email account immediately.
If you have any queries, please speak to your Relationship Director.
If you fall victim to fraud on your Barclays payment channels, call the Online Fraud Helpdesk immediately on:
Fraudulent attacks, even if unsuccessful, should be reported to Action Fraud by calling 0300 123 2040.
If you have any questions or concerns about fraud contact us:
0330 156 0155 / 0800 056 4890*
Your eligible deposits with Barclays Bank PLC are protected up to the FSCS compensation limit by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. This limit is applied to the total of any deposits you have with the following: Barclays, Barclays Corporate Banking, Barclays Investment Bank, Barclays Private Banking and Barclaycard. Any total deposits you hold above the limit between these brands are unlikely to be covered. For further information visit www.fscs.org.uk^ (opens in a new window).
Barclays Bank PLC is registered in England (Company No. 1026167) with its registered office at 1 Churchill Place, London E14 5HP. Barclays Bank PLC is authorised by the Prudential Regulation Authority, and regulated by the Financial Conduct Authority (Financial Services Register No. 122702) and the Prudential Regulation Authority. Barclays is a trading name and trade mark of Barclays PLC and its subsidiaries.
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