Under the new scam, there was no request for a refund. Payment was merely directed into a fraudulent account.
Con-artists usually targeted businesses by claiming to work for one of their creditors, and were in possession of all the necessary contact details on both sides and the exact amounts involved.
They inform the victim verbally and in writing, using the creditor's letterhead, which they fax, that their banking details have changed and the amount must be credited to a newly appointed account number and institution.
Victims deposited the money into this account and realised they had been scammed only when their genuine creditors contacted them about their outstanding accounts.
There have been reports of incidents where stickers with new payment details have been stuck on to original invoices directing payment to fraudulent accounts
extract from M&G report here
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