Protect yourself from Mandate Fraud

Mandate fraud occurs when a business or individual is deceived into changing account details relating to a bank transfer or regular payment, such as a standing order or direct debit, so that future deposits are diverted to a fraudulent bank account. 

Cybercriminals achieve this by posing as a genuine supplier or business partner and contacting organisations or individuals to request that they update their payment details.

The request could be made over the telephone, through email or even by post. This type of crime can often be very convincing because criminals research the business they are impersonating and may even know details about your commercial relationship with them.

Often, the fraud is only discovered when the genuine supplier or business partner queries why an invoice has not been settled or regular payment received.

Remember:

• Close Brothers will not contact you to change our bank details.
• Always confirm changes to account details for payments. Use a trusted phone number to verify the new account information is genuine.
• Always check your bank statements carefully for any transactions you do not recognise. 
• Remain vigilant and report any unusual activity, such as subtle changes to email addresses, receiving duplicate invoices, or being contacted more frequently than usual.
• Scammers can be very convincing. If you receive communications that you are unsure about, stop the communication immediately and contact your bank and the company being impersonated.

How can I protect my business from mandate fraud?

It is important to have controls in place which mitigate the risk of mandate fraud for your business. This can include putting checking procedures in place for financial operations and ensuring all staff have regular training, so they remain vigilant.

Where can I find more information?

If you’d like to find out more about mandate fraud and what you can do to reduce the risks to yourself or your business, visit one of the following websites:

• Action Fraud: Action Fraud is the UK’s national reporting centre for fraud and cybercrime where you should report fraud if you have been scammed, defrauded or experienced cybercrime in England, Wales and Northern Ireland.
• Take Five: A national campaign to help everyone protect themselves from preventable financial fraud.
• The Met Police