ITIC Circular: Fake agency accounts – warning

April 2014

To : All Members & Insurance Brokers

ITIC has become aware of a scam which has resulted in pre-funded port costs being diverted to a fake bank account.

In each case the party due to make the payment has received an email advising that the agent’s bank account is inoperable because of their annual audit. The message is sent using an email address very similar to the agent’s address. Details of a different bank account are given for the payment. By the time the agent reports the pro forma disbursement account has not been paid the fraudsters have already stolen the money.

Members who receive messages alleging that the payee’s bank account has changed should be wary of the possibility of a scam and take separate steps to verify the instructions.