Beneficiary Maintenance Scams

With a beneficiary maintenance scam you'll usually get a fax or email on one of your beneficiaries' letterheads telling you that their banking details have changed. They will then ask you to pay future payments into their new account. As soon as you have made the payment the fraudsters will quickly withdraw the money, while the real beneficiary is left unpaid.

• Check for spelling. Many fraudsters make spelling errors that will give them away.
• Use bank-approved beneficiaries. Many well-known beneficiaries will be on a prepopulated list of bank-approved companies available on your internet banking profile. Use this list when you create new beneficiaries.
• Call and confirm any changes. Before you make a payment to a 'new' bank account, first call someone you usually deal with at the company to confirm the new banking details. If you are unsure about the number, first look for the company's number in a telephone or online directory. Do not phone the number on the letterhead – it is usually fake. You can also contact the beneficiary bank to confirm the 'new' details.