Verify: If you receive a request to move money into a new bank account, contact the supplier directly using established contact details, to verify and corroborate the payment request.
Internal processes: Establish robust internal processes for handling changes to payment details. For example, only designated employees should be able to make changes to payment arrangements.
Sensitive information: Invoices, payment mandates, and other documents containing sensitive financial information should be stored securely and only be accessible to those staff that need them to perform their duties. Sensitive documents should be shredded before they are disposed of.
If you have made a payment: Inform your bank as soon as possible, they can help you prevent any further losses. Monitor your bank statements regularly for any unusual activity.
Mandate Fraud: What is it, how to protect yourself and what to do if you have become a victim
