Bike Buyer Guru: check – the bank account details for your bike shop might be fraudulent
Craig Langton has quite the CV. Here at The Bike Show we refer to him as King Midas because, as you might’ve guessed, everything he touches turns to gold. Apart from previous businesses that were massively successful under his watch, he is the owner of Fire It Up in Fourways and within a year of opening its doors it has become the biggest selling motorcycle dealer in the country by a long way. Much of this is down to good honest hard work by him and his team, but much of it also has to do with decades of dealing in motorcycles, spotting trends and noticing nuances. Craig will be passing on much of this knowledge to our esteemed readers in his Bike Buyer Guru column that will be posted every Tuesday. Herewith this week’s column:
Every week as I write these blogs, somewhere there are a bunch of well educated fraudsters using their skills to find a new way to defraud you of your hard earned money. To be honest the technology fraudsters are using is mind boggling, we regularly see Facebook profiles being hacked and fraudulent adverts being placed on social media, but there is a new scam doing the rounds that normally targets big business and has recently found its way right down to consumers paying for motorcycles.
A customer called me recently for advice who had unfortunately been a victim of cyber fraud. The customer was purchasing a motorcycle from a well-known dealership and requested the OTP and banking details over mail so that he could make payment. The salesman sent the customer the correct banking details to the customer in a PDF format and when the customer received the mail he promptly made payment. Unbeknown to the customer the dealership was being targeted by cyber criminals who were able to intercept the email/bank details before it reached the customer, change the bank details (even though it’s a PDF document) and send it on to the customer within minutes.
When the customer made payment the funds obviously were not paid into the dealers bank account but into another account that the fraudsters had chosen. The customer was obviously horrified that the details sent to him were fraudulent and the dealer, although sympathetic was not at fault as the details they sent were correct. Unfortunately the customer did not get his bike. I still don’t fully understand how fraudsters/criminals are able to do this, so I asked my IT company to assist the customer by showing him how it had happened, and how these fraudsters are able to intercept mails and change banking details. It’s scary how sophisticated these criminals are.
The tip this week is that when doing an EFT to a private individual or a reputable company, confirm the banking details with an authorised person telephonically before making payment as the details emailed to you may have been changed.