EMAIL PAYMENT FRAUDS – STAYING ONE STEP AHEAD

On 9 January, a briefing from HFW says that email payment frauds (aka business email compromise, or BEC, fraud) are becoming more elaborate and can have a heavy financial cost for those that fall victim to them.  In this briefing, the law firm examines what businesses can do to prevent themselves becoming a victim to these frauds and to recover money paid out if they do fall victim to such a fraud.  It says that the best protection against fraudulent emails is to identify them prior to making payment.  They will often appear genuine at first glance but there are measures, which are outlined in the briefing, which, if actioned, can increase your chances of identifying a fraudulent email.  However, if money is paid out into a fraudulent account, recovery is still possible in various jurisdictions, provided that you act promptly, the briefing says – and it looks at recovery in the UK and in Switzerland.

https://www.hfw.com/Email-payment-frauds-staying-one-step-ahead-Jan-20

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https://www.interpol.int/en/Crimes/Financial-crime/Business-Email-Compromise-Fraud

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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