Email Fraud – Email Interception Scam
Email Fraud – A family member of mine was recently involved in a property transaction and I’d been giving them some advice during the process. During a meeting with the solicitor, he mentioned that if we receive any contact by any means requesting deposit funds to be lodged into a specified bank account other than the bank account given in our initial meeting, to report it to the solicitors office immediately and not to follow these directions under any circumstances.
Understandably, I was quite intrigued by this statement and quizzed him on this in greater detail.
It was explained that a young couple were due to complete on a land purchase when they received an email which alleged to be from the solicitor explaining that to complete the transaction that the solicitor required the deposit amount which the couple had in savings. This request made logical sense. Further in the email, it contained personal information that was discussed in previous emails and it provided specific bank details where the money could be transferred. The email, also explained that these could be different to previous given details due to the fact that the solicitors was restructuring and had just changed its companies bank accounts.
Unfortunately, this young couple transferred the funds. An investigation is on going and the fraud originated through a sophisticated email interception scam.
I’m continually researching security and email fraud and will put together a guide in the near future. However, if you communicate payments with customers through email I would suggest that you review your email procedures immediately to minimise the possibility of becoming a victim to this kind of fraud.
Through a quick google search you are able to find many more examples similar to this case which you can study. You can Click Here to read one example which was published in the Telegraph Newspaper last year.