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An example of the scam where bank details on an invoice were changed.
In online banking, it may seem like entering the correct BSB, account number and account name all play an important part in ensuring money is going to the right place.
But account names are not necessary for Australian banking transfers – a weakness thieves have exploited to steal millions of dollars through a ploy called invoice scamming.
Invoice scamming is on the rise in Australia and can result in huge losses.
Consumer advocates have been calling for the banks to introduce “confirmation of payee” to help stop the problem of fake invoicing, a system that is being used in the UK.
An example of the scam where bank details on an invoice were changed.