Abu Dhabi Police warn that fraudsters are intercepting business correspondences to trick finance teams into transferring payments to fraudulent accounts – the scam is only discovered after the transfer goes through
Dubai: Abu Dhabi Police warned against a fraudulent method targeting companies, which involves sending fake emails impersonating beneficiary entities they deal with, requesting changes to bank account details and transfers of payments and due amounts to new bank accounts.
It clarified that scammers exploit business correspondences to deceive companies into believing the account change requests are legitimate, leading to the transfer of financial dues to fraudulent accounts, with the scam only discovered after the transfer is executed, potentially causing significant financial losses.
Abu Dhabi Police urged companies and institutions to exercise utmost caution and vigilance, and to refrain from making any financial transfers based on messages requesting changes to bank details without directly verifying their authenticity with the relevant entity through official and approved communication channels, and confirming account details before authorising any financial payment.
Source: Emirates 24|7