The Charity Commission has now warned schools about 'payment diversion fraud'.
We contacted our clients before Christmas to highlight this serious threat, however it isn't only (independent) schools who are vulnerable.
We have seen at least one further incident within the last few weeks where an email system has potentially been hacked and a genuine payment request has been diverted away from the recipients inbox, payment details altered and then released - the client then paid what appeared to be a genuine invoice, which came from a genuine email address and was paid into account into the 'correct' name. For example, a hacker can set up a 'rule' whereby any email containing characters such as a '£' or '$' can be forwarded to a separate folder for them to decide whether to delete, amend and/or release the email to you.
Insurance can potentially cover such losses where a bank may not provide compensation, however not all policies are the same - ensure that you receive the right advice.
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