More fraud cases in online business transactions

Since invoices are now usually sent digitally, criminals exploit this vulnerability. They gain access to companies' e‑mail systems, intercept invoices – often in PDF format – and replace the bank details with their own. Because the invoice otherwise appears correct and a genuine business relationship with the contracting party exists, the fraud initially goes unnoticed.
In addition, the perpetrators often pose as business partners by e‑mail or telephone, claiming that the bank details have changed. Sometimes they even send forged letters by post to appear credible. Only when the affected company issues a reminder for the outstanding amount is the scam discovered – usually too late. While this trick originally concerned mainly international transactions, cases are now also increasing within Austria, as reported by the Upper Austrian Chamber of Commerce.

Recommendations for prevention

• Enter the correct bank details already in the contract and require a telephone confirmation for any changes.
• Always scrutinise changes to bank details – especially if the IBAN differs from that of the last contract or carries a foreign country code.
• Watch for anomalies in communication: unusual forms of address, spelling errors or differing e‑mail addresses can indicate fraud.
• Implement a four‑eyes principle for payment authorisations.
• Raise awareness and regularly train your employees.
• Enhance IT security, for example through encrypted e‑mails and digital signatures.

If you have become a victim of fraud, contact your bank immediately to arrange a reversal, and file a police report without delay.