The financial controller of a small high street law firm received a call from someone purporting to be from the firm’s bank, advising that some suspicious wire transfers had been flagged on the business account.

The caller insisted that the firm may have already had funds stolen from their account and were in immediate danger of all of the remaining funds being drained unless they put a freeze on the account, for which the bank would need to be told the password and pin code.

Not wanting to be the cause of any further loss, the financial controller confirmed that the freeze had been successfully applied and that they would be in touch again once the situation was resolved.  Upon calling the bank the next day to check in, the financial controller was told that the bank had not in fact been in contact and £89,991 had been wired to three overseas account in nine separate transactions.  It was now too late to recall the transactions and as the transactions had seemingly been authorised, no reimbursement was offered by the bank.

 

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