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Bank transfer fraud

Protect your data

Regardless of their size, all companies are concerned with fraud attempts.

Losses can be significant when a fraudster manages to obtain a transfer order from a collaborator to their advantage.

Responsiveness, teamwork and communication between customers and HSBC teams is often the key to preventing fraud.

Common frauds

« Fake president » fraud

A fraudster pretends to be a director by calling, faxing or emailing a collaborator. They might ask for an approval for an exceptional and confidential transaction, usually on an account based abroad.

Bank details fraud

The fraudster makes you believe the company’s lessor, supplier or any other lawful creditor switched bank. For the next rent or bill payment, they must provide you with the new bank details. They’ll send them by email, using a similar messaging service features to those of the usual representative.

Like the ‘fake president’ fraud, the bank details are often with an address abroad.

« Fake technician » fraud

The fraudster pretends to be an HSBC collaborator from technical or fraud prevention services. They mention a technical issue and then ask you to check one or several fraudulent transactions. The goal is to get personal data, such as log on details and passwords, so they can freely make payments or transfers.

The good habits

Personal banking customers

Be cautious if you’re asked to change the payee details for a payment, such as bank account details for rent payments to your landlord. This could be especially suspicious if a new overseas address is involved. 

Don’t hesitate to contact the beneficiary using the details you already have, and not the information you’ve received by post or email, so you can confirm if it’s a genuine request.

Companies and businesses

  • follow a robust internal process for dealing with bank transfers
  • raise awareness of the risk of fraud with companies and businesses that you work with
  • monitor companies’ frauds
  • master the distribution of the information about the company
  • use common sense and take your time to do the necessary checks
  • ensure secure access to online banking services
  • secure all computing systems

Quickly contact your bank and the police if you suspect a fraud or an attempted fraud. 

Good to know: Fraudsters regularly find new ways to operate. 

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