Fraudsters have once again swindled unsuspecting clients out of their life savings.
They managed to intercept emails from a financial services provider to its clients, advising them on tax savings by bolstering their retirement policies or tax free savings, according to cyber-security specialist and J2 Software CEO John Mc Loughlin.
The fraudsters intercepted the email and responded on behalf of the client, asking for confirmation on what had been put into retirement savings and also what was still possible. The financial advisors then responded and provided a breakdown of the current tax year investments and what the client was allowed to contribute before the end of the tax year.
He says the financial advisor emailed the requested information and documentation to the client’s email address. “The documentation contained the customer information and details of the investment to be paid via eft and also included the businesses bank details.”
Having received the signed document as well as the proof of payment from the client’s email address, the financial advisor assumed all was in order. This was then sent for processing as they waited for the investment to clear in their bank account.
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