Last year when I was on leave, my office received what appeared to be a genuine email from myself requesting the transfer of funds via EFT. The email was a scam.

At a recent solicitor's trust account audit training I was made aware of how sophisticated and genuine these scams have become.

A Melbourne solicitor's emails were being captured by a fraudster and being redirected prior to being received by the solicitor. Emails and letters for a property settlement were altered so that $120,000 was sent via an EFT to an overseas bank account and the funds were lost.

The following procedures and processes are recommended:

  1. Email requests for the transfer of funds via EFT should be checked for authenticity

  2. Ring the recipient requesting the funds and check the BSB and account numbers

  3. Where a request is urgent, and/or the amount is substantial, be extra vigilant

  4. BSB numbers can be held in accounting systems for payment purposes. Before entering BSB numbers

    and/or receiving a request to change a BSB number, ring client and confirm that the change is authentic.

Jon Griffin
Apl Financial Pty Ltd

Prepare Audit & Management Reports Which Show The Real Value Provided To Your Community.