Have you heard of ring-fencing? It’s the new legislation that affects the UK’s largest banking groups. From 1st January 2019, UK banks must separate core retail banking from investment banking. For customers of some banks, this will mean that their sort codes and account numbers are going to change.
And you need to be extra vigilant as this is when financial fraudsters may use the changes which are happening as an opportunity to target you. The fraudsters could contact you through spoofted or hacked email accounts, pretending to be a legitimate person or business you’ve already been communicating with, for example, a solicitor or builder.
You should never set up new or change existing payment details without first double-checking the request is genuine.
And always contact the person or company requesting the change, ideally face to face or by telephone (using exisitng contact details only). Some fraudsters are even intercepting invoices sent from one business to another and changing the bank details en route so that a third party receives payment.
For more information and guidance on protecting yourself from fraud and scams, please contact your bank.
As part of our GDPR preparations, Cheshire Accountants Afford Bond are currently preparing and updating all financial client data in line with the GDPR deadline of 25th May 2018.