ITIC circular: Fraud warning

Tuesday 31^st March 2026

ITIC Circular

Fraud warning

ITIC has previously issued circulars warning members of fraudulent messages either trying to alter existing bank details or introduce new ones. Unfortunately, ITIC has continued to receive reports of these types of fraud and accordingly is reminding members to be vigilant.

A recent case presented to ITIC involved the fraudsters changing the letters in the company name in an email address, which was very difficult to spot. The recipient did not notice this amendment. The member therefore engaged in communications with a fraudster, about settling an invoice, believing that they were corresponding with their actual supplier. The amount paid to the fraudster was over US$1m.

These frauds occur when a party that is due to receive an invoice from a genuine supplier instead receives a message from fraudsters, containing either what appears to be a genuine invoice but which has the fraudster’s bank details surreptitiously inserted or simply a message advising that the funds should not be paid to the original (correct) details in the invoice but instead be paid to another bank account for a given reason e.g. sanctions or an audit. 

ITIC continues to advise anyone receiving a message changing account details to view it with suspicion and to take appropriate steps to independently verify the instructions. Undertaking such due diligence not only saves the financial loss but can also save your reputation with your client and in the wider market. 

We always recommend making a phone call to the intended recipient of funds to check if the bank details are genuine. You should always use a telephone number that is already known to you or that is on a publicly available source e.g. a website. You should never use the phone number in the e-mail or on the invoice because if it is fraudulent the chances are the telephone number will be that of the fraudsters. 

Remember – any change to bank details is a red flag warning. You should never pay to any account without checking it is valid first.

For more information or any queries, please contact your ITIC Account Executive.