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Cyber Criminals Target the Art World and Property Markets

A worrying financial transaction scam has recently come to our attention. It involves the illegal accessing of email accounts and the intercepting financial correspondence.

The large sums involved in electronic transfers is the main attraction to hackers. By changing the bank details of the payee on an invoice, they are able to redirect the money into their accounts.

Due to the sophistication of this con, the invoice appears to come from the business itself and no one is the wiser.

Once transferred, the money disappears, dispersed between numerous bank accounts. The original invoice remaining unpaid.

Follow the steps below to avoid becoming a victim of this or a similar electronic fraud.

• Change your password on a regular basis.

• Always encrypt invoices or other sensitive information.

• Call and verify the bank details with the sender.

• When making large monetary transfers, consider paying a small amount first. Check funds have cleared with the recipient before paying the balance.

• Use a secure mobile payment system which requires extra verification.