Log in

Invoice redirection fraud costs Irish training board nearly €250k

Thursday 30 August, 2018

An Irish Education and Training Board in County Louth was caught out by an Invoice redirection fraud of nearly €246,000.

This type of fraud involves a scammer sending emails to businesses purporting to be one of their legitimate suppliers. These emails contain an instruction to change the bank account details that the business has for a legitimate supplier, to bank account details that ultimately benefit the criminals.

Louth & Meath Education and Training Board (LMETB) said in the Irish Examiner that it reviewed recent changes to payment arrangements to make sure they are authentic. Two external people were brought in to investigate and make recommendations arising from the incident.

As a result of the fraud a number of capital projects that were due to start last year were put on hold until the money is made available.

Gardaí said in December 2017 that numerous attempts at this type of fraud were reported to them in the previous month, with the amounts that scammers tried to have redirected reaching more than €1.3m and losses amounting to over €700,000.

Detective Chief Patrick Lordan of the Garda National Economic Crime Bureau said; "While all cases are different, we want to warn that all Irish companies big and small are being targeted on a daily basis by individuals purporting to being from their suppliers.”

He added, “The best thing to do is pick up the phone and talk to someone you know in the company”

Last week PPN reported in a news article a similar case involving Melton Borough Council