Over 5,000 people have been dubbed to send money into the bank accounts of fraudsters last year as a result of account switch scam.
The victims got emails in which they were asked to divert payments into false accounts and left the genuine recipient unpaid.
The case which is referred to as “invoice” fraud rose by71% compared to the previous year.
Losses incurred in the US total to 126m euro as per the figures provided by the police.
The police advised that people should take caution when they get persistent emails that suggest to them to change details that they provided to the bank.
In 2015, 5,480 similar cases were recorded as compared to 2013 where 3,206 cases were reported.
36% of those that were affected said that the incident severely affected them. This implies that it affected their health or ability to provide for their families.
The scam happens to have taken a two –way direction. The first scenario is where the IT system of a company is infected with a malware that lets the criminals to spy on the emails and then contact the customers. The second one is CEO fraud in which the fraudster prevents to be a senior person and then emails the junior employees, asking them to make payments.
“Junior people in very large organisations need to feel comfortable to ask the question of someone senior whether or not this is a real transaction,” said Commander Chris Greany from City of London Police, which monitors and investigates fraud across the UK.
“Sadly email is just not safe and you cannot trust it all the time.”
Commander Greany is of the opinion that individuals should be suspicious if they get emails that require them to adjust their account details.