Waterloo Regional Police are warning businesses about a new banking scam. They said they were contacted in early August by an unnamed organization in North Dumfries. “Investigators learned that the email address associated with the organization’s bank account had been fraudulently reassigned to a separate bank account controlled by an unknown individual,” a media release said. “As a result, e-transfers sent by legitimate clients were successfully processed but were redirected to the fraudulent account rather than being deposited into the intended account.” Police believe the incidents were limited to the period between July 30 and Aug. 4. Once the business realized what was happening, the auto-deposit feature was disabled, and no additional funds were redirected. Police said other businesses can learn from this incident. “Investigators believe this method could impact both individuals and businesses that use auto-deposit for e-transfers. The scheme may be difficult to detect, as senders often receive confirmation that funds have been transferred, while the intended recipient never receives the payment.” They urged everyone to: Victims are also encouraged to report similar incidents to Waterloo Regional Police at 519-570-9777.
