PracticeAccounting FirmsFraud scam hits Channel Island banks

Fraud scam hits Channel Island banks

The International Chamber of Commerce has warned that fraudsters are deceiving the customers of Channel Island banks into providing personal banking information by intercepting correspondence and inserting doctored tax collection forms.

Link: Cashing in on a paradise island

These counterfeit ‘Form R105’s’ are based on legitimate British Inland Revenue forms, but solicit more details then the originals and have – of course – a fake return address.

The ICC’s Commercial Crime Bureau warned: ‘The intent is to provide fraud perpetrators with enough information to siphon funds out of customer accounts. Anyone banking in the Channel Islands, or elsewhere offshore, who receives this type of letter is urged to immediately confirm its origin with their bank.’

Bureau assistant director Jon Merrett said that the forms had been sent as emails as well as hard-copy letters, with fraudsters securing email addresses via hacking as well as monitoring sites such as eBay, where online bidders reveal their identities.

He added that Channel Island mail tended to flow through international post sections at the Mount Pleasant distribution centre, near the City of London, where ‘it was well known’ that fraudsters ‘have sorters keeping an eye on certain areas.’ The confidential bank information has already been used to make bank withdrawals and direct payments for goods, he said.

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