There is a scam circulating that you need to be aware of.
We strongly suggest updating your procedures with any bank account changes. You should contact, via phone or in person, the employee to confirm they have actually changed their bank account.
Sequence of likely events:
- You receive an email from what looks like the employees email address, asking for the change of bank account. So you don’t even think to drill down on the email address itself. If you do drill down on the email address, it is, in fact, a fake email.
- You, as the administrator, by return email, may ask for a copy of the employee’s bank statement confirming the change. Another email comes in with the bank statement, that is exceedingly convincing. Transaction details are blanked out (fairly standard) and it is on the banks letter head. For all intents and purposes, it looks like a genuine bank statement.
The only giveaway, is that the closing balance on the bank statement is $0.01.
Hopefully you never get stung by this.