Please be vigilant against any suspicious communications claiming to be from HSBC UK Bank plc (HSBC) or HSBC Innovation Bank Limited (HSBC Innovation Banking) at this time, and if you’re ever in doubt, contact your HSBC Innovation Banking Client Service team on 0800 023 1441, or +44 (020) 7367 7881 if calling outside the UK, to verify any communication.

Recent fraud trends to be aware of

At HSBC Innovation Banking we are continually investing in our fraud prevention systems to help keep our clients safe. However, fraudsters adapt quickly and constantly come up with new and more sophisticated ways to scam businesses.

Fraud comes in all shapes and sizes and may still include traditional methods involving cash or cheques. However, increasingly the threat faced by businesses is digital.

Below we provide details on some of the recent trends in fraud cases, and you’ll find information about other common types of fraud through the tabs above.

Bank Imposter Scams: Be wary of the Caller ID

This type of scam is when a fraudster makes it seem like they are contacting you from your financial institution or a government agency via phone call or text. In some instances, they will create a sense of urgency to try to convince you to act immediately and lie about your account being compromised. This will then be followed by requesting personal information such as your User ID, password, PIN and even your One-time – Passcode (OTP).

HSBC and HSBC Innovation Banking will never contact you via email or telephone asking you to initiate payments to a third-party account or ask for you to share your passwords or OTP. If you receive this type of call, you should contact us on the numbers listed below immediately.

What to do if you receive a suspicious text or call?

Text: Look for red flags, such as grammatical errors, text that doesn’t make sense and if you don’t recognise the phone number the text has come from.

Phone Call: Listen carefully and if there is a request to provide sensitive personal information, it is probably a fraudster. Hang up and contact us on the numbers listed below immediately.

Protect yourself from a Business Email Compromise
(BEC) scam

A BEC scam is a form of phishing where the fraudster attempts to trick the victim into transferring funds or to provide sensitive information. Fraudsters who send these types of email are often very convincing; however the emails can contain altered bank account details, malware and links to untrustworthy websites.

What can you do to prevent being affected by this
type of fraud?

• Pay particular attention to email addresses to ensure these remain the same throughout any correspondence with third parties, as fraudsters regularly set up fake email addresses which appear legitimate at first glance.
• Fraudsters may pose as one of your suppliers, requesting a change in account details and asking for payments to be made urgently. Please be cautious of unexpected phone calls, texts and emails requesting payments from you.
• If you have any concerns or changes have been requested, contact the genuine payee for confirmation of account details. Use trusted contact details that you would normally use, rather than any telephone number or email address included in the payment request, as it could belong to the fraudster.
• Ensure employees in your business are trained on different types of fraud and how to respond to any risks.
• Fraudsters may target your customers, by impersonating your company and requesting payments to new accounts. When providing your new HSBC Innovation Banking account details to your suppliers, please consider passing some of these tips along to support their fraud prevention activity too.
• Finally, we recommend you use dual transaction authorisation in your online banking platforms to protect your business from fraud. The additional time it takes for a second authoriser may simply be all that it takes to provide an opportunity to think about the authenticity of the payment request. It reduces the risk of internal fraud, the potential for human error, and risks posed by cybercriminals, who may target and compromise your IT equipment to make transactions.

If you’re ever in doubt, or want to report a fraudulent payment, please call your HSBC Innovation Banking Client Service Team on 0800 023 1441 or +44 207 367 7881 if calling outside the UK. You can also contact the HSBC Wholesale Digital Fraud Control Team on 0800 169 9903 (UK) or +1 778 452 2774 (international) to report any fraudulent transactions.