The Bank Account Switch Scam: It's Baaaaack

The Bank Account Switch Scam

The bank switch scam involves your regular product supplier asking you to make a payment to a new bank account or a new supplier asking you to make your first payment. After you make the payment, your supplier insists you still owe the full amount because it never received your payment. When you explain that you did, in fact, send the payment, you learn that your supplier never received it because you sent it to someone else's bank account.

The Wall Street Journal sounded the alarm on this scam in 2016, and it's been going strong — off and on –ever since. Most emphatically, we are in an active phase right now, as my law firm has received at least ten times the usual number of frantic bank switch calls in the last three months as is typical.