They will also need the contact of a manager within the company capable of administering the IBAN file of suppliers, which is identifiable through professional social networks. The business relationships maintained by the company are their primary target for impersonating a wire transfer recipient. Scammers can find the information they need on the Internet to set up their scheme. For this purpose, false e-mail addresses, a bank account number and basic knowledge of social engineering are enough to deceive the vigilance of companies that are not sufficiently protected against financial fraud. Most of the time, the scammer will pretend to be a regular supplier of the company by making a fraudulent change of the payment details to his benefit. Educating your teams on the methods used by fraudsters greatly reduces the risk of being among their victims. Prevention is the best way to avoid the IBAN scam. Educate your teams about the BIC/IBAN scam According to the Euler Hermes DFCG 2021 study, two out of three companies have experienced at least one fraud attempt. To combat IBAN fraud, you need to adopt the right practices and use the right tools. The IBAN scam is very formidable, as it exploits the normal payment processes of companies. And in recent years, scams involving impersonation of a wire transfer recipient have emerged. There are cases where malicious individuals have copied the signature of the IBAN holder. So is it safe to give out your IBAN? Not really. Ultimately, the IBAN is used to withdraw money from your account, but it requires your authorization beforehand. Sometimes called SWIFT (an acronym of the name of the international organization that manages the BIC), this code meets the international standard ISO 9362 used as a reference for cross-border financial communications. The BIC represents the international identifier of your bank. This allows you to pay your telephone subscription or other bill automatically, without you having to worry about it. The IBAN is also useful for setting up a one-time or automatic debit. These operations can be carried out easily from the bank’s online personal space. When you want to send money, you must also have the IBAN of the person you owe money to. It’s the same principle for anyone who wants to deposit money with you. If you have just been hired for a job for example, you will be asked for your BIC (which contains your IBAN) for the payment of your salary. When you need to receive money, you give your IBAN code to the person who has to handle the payment. Hence the need to verify the bank identity of the beneficiary of each payment. Fraudsters also fraudulently change bank accounts. When a fraudster has your IBAN in addition to other personal information such as an identity document and a sample of your signature, he or she may be able to create a false direct debit authorization. However, it is important to be cautious when transmitting your IBAN. This is an operation you can do from your secure online customer area. Similarly, when issuing a transfer, you will need the BIC/IBAN of the beneficiary. To receive a transfer, all you need to do is send your BIC/IBAN so that the bank transfer can be made. The use of this code by a bank is completely secure.īefore a debit can be made from your account to a third party, you must authorize the transaction by signing a slip (called a mandate) offered by the concerned party in paper or electronic format. Giving only your IBAN is not really dangerous, since banks need it when a transfer or a direct debit has to be set up.
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