Beneficiary maintenance scams

If a beneficiary that you make payments to suddenly faxes or emails you its new banking details, confirm the change before making a payment. It could be a scam.

Pay the right beneficiary

In a beneficiary maintenance scam you'll get a fax or email on your beneficiary's letterhead telling you their banking details have changed. They'll request that you make any further payments into their new account. However, once you've made the payment they'll quickly withdraw the funds, while the genuine beneficiary is left unpaid.

Tips to avoid being scammed
 

• Check the spelling. Many fraudsters make small errors and inconsistent visual alterations that will give them away.
• Use bank-defined beneficiaries. Many well-known beneficiaries will be on a prepopulated list of companies available on your internet banking profile. You can be assured that payments to these accounts have been verified.
• Call and confirm any changes. Before you make payment to a new account, call someone you usually deal with at the company and make sure the new banking detail changes are genuine. If you're unsure, look for the company's number in a telephone or online directory. Don't phone the number on the letterhead as it's usually fake. Finally, you can contact the beneficiary bank and ask them to confirm the new details.