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Beware of Fraudulent Schemes

1st March 2014

Members of staff at Cambrian have recently received an email from a client asking them to make an outgoing transfer from their portfolio to a third party supplier.

The email looked legitimate as the request had been sent from the client’s email address.

Alarm bells started to ring with our PA as this particular client never emails Cambrian with her requests. She always phones and she never abbreviates her name.

A call was made to the client and it was confirmed that it was, in fact, a fraudulent email.

It has since been highlighted that, once customers’ email accounts have been hacked, the ‘criminals identify those financial services firms with whom the customer has a relationship and then attempts to encash their victim’s products.

The language used by the fraudsters is usually broken English and contains a number of basic grammar and spelling mistakes. Requests to encash or withdraw money are always urgent and the instructions ask for the money to be transferred via Telegraphic Transfer or CHAPS.

Cambrian has now put additional procedures in place and all staff has been made aware to be extra vigilant when emails are received requesting withdrawals.

We will now request new bank details to be confirmed in writing (via post) and we will notify the provider in the same way.

We can assure our clients of our vigilance.

The last thing we want is our clients to become a victim of fraud.