I have an idea about the new scam making the rounds.

This is where you get an email changing the bank details for your deposit. This happens so much in normal business that Investec Bank writes about it.

It's also happening when you buy/sell your home. With big deposits.

Bottom line: If you pay the funds into the wrong account th person you owe does not get the funds. This means you still owe the funds. And the banks won't help much. And certainly not in time to bail you out.

The entire purpose of FICA is ficked, you might say.

All the advice I see and hear assures you to be super-vigilant. Riiiiiight...

I am already uber-suspicious. And I still get caught out because these spam folk are so darn good at their jobs.

A simple way to approach this from now on...

Do this each time you're asked to pay into a bank account you've never paid into before.

1. PHONE the recipient first.

2. Confirm that the bank details you have are correct.

Record the conversation. (Tell the supplier you're recording so they too will be vigilant.)

If you're paying...

  • Do this for each new relationship.
    • New suppliers...
    • New lawyers...
    • New anyone...
  • Do this each time you get an email request to change bank details.
  • Do this each time you're asked pay into a bank account your system has not used before.

If you're invoicing...

  • Add a big disclaimer to the invoice to ask the payer to confirm your bank address by phone...
    • If they ever get an account-change request...
    • If any of "your" invoices ever asks them to pay into a new account....

This simple approach will warn both parties as soon as a problem looms.

More than anything it won't leave you short.

  • Either because you've paid the crooks but still owe that payment to your supplier.
  • Or because you don't get the funds and can't sue your client.
Please share this email with your own accounts team, your suppliers, and your clients.

Routine beats vigilance every time. Especially on busy days.

PS. Make this mistake and you might need your CrashProof your Business Plan in place sooner than you expect.