One of the more recent scams being perpetrated is the BEC or business email compromise scam where scammers intercept an email and change the banking details on the attached invoice. Their work is becoming more and more sophisticated.
It pays to check any new banking details with the supplier.
I double checked on two recent occasions and, fortunately, each one was ok. One was a law firm invoice where I was using the firm for the first time. The other was a series of strata levies with new banking details where the new font used on the notices made them look rather amateurish and was an immediate red flag.
It doesn't take long to check the banking details. Getting funds back is proving next to impossible and banks are denying liability.
In the article’s example, CBA and Bendigo washed their hands of the issue. AFCA and ASIC played ping pong, referring the complainant back to each other.
At some point, someone in government may suggest a form of deposit levy on the banks to establish a fidelity guarantee fund to deal with claims arising from BEC and other similar scams.
Tradies frustrated by banks as business email scam costs them $51,000
One of the scams that circulates periodically in the travel sector is the fake industry magazine or website ad scam.
I recall having a discussion with one group out of Europe threatening to sue because a manager had inadvertently signed their invoice for fake ads.
Given the complexities of enforcing foreign judgments in Thailand and the problems associated with civil litigation there, I welcomed the prospect of spending some quality time with them in court. Never heard from them again.
November 2020
© PELEN 2020
The content of this publication is intended to provide a general overview on matters which may be of interest. It is not intended to be comprehensive. It does not constitute advice in relation to particular circumstances nor does it constitute the provision of legal services, legal advice or financial product advice.