Following the unfortunate news about Silicon Valley Bank (SVB) and Signature Bank’s shutdown, we want to provide some information as to how this may affect you – even if you do not bank at either of these banks.
Prime opportunity for scams – The recent collapse of these banks means some companies are moving to a new bank and sending notices of updated bank account information to their customers, suppliers, and vendors.
This creates an opportunity for scammers to send emails that look exactly like legitimate notices, but the bank account belongs to the scammer. Their victims pay invoices, but the money goes into the scammer’s bank accounts instead of the vendors’. Victims won’t notice anything is wrong until the vendor sends a delinquency notice. By then, the scammers, and the money, are long gone.
How do I protect myself against these scams? Companies may receive emails with notice to change the accounts used to pay vendors:
- Do not click any links in the email.
- Do not reply to the email.
- Do not call any telephone number provided in the email.
- Ensure all appropriate employees (finance teams, executives, founders, etc.) are aware of this potential.
Instead:
- Navigate to the company’s website directly (not through email link) – log in and check for secure messages or notifications about account changes.
- Look up the company’s phone number from a legitimate source, such as the company’s website. Call the company to ask if the request is authentic.
If you believe you may have already sent a payment to a scammer, contact your bank immediately and stay diligent.