Mandate fraud is when the fraudster asks you to directly debit the money into the new account by advertising the victim which resembles everything an organisation adverts for example a subscription or membership of an organisation. the victim mostly receives a email from a monthly magazine company which provides details of new bank account .the victim does everything as stated in the email and does not get any magazine in the following month and when the victim ask the magazine company the publisher says that the victim subscription has been cancelled as non payment of dues. the victim online bank account details will be hacked by the fraudster and the monthly payment details are altered as the money will be transferred to the fraudster account.
these type of frauds mostly occur on behalf any membership organisation or monthly subscription organisation or from any business supplier. Some of the measures to avoid mandate fraud is that to ignore any bills or advertisement which ask the payment details or direct debits, to verify any changes in the financial transaction with the organisation and contact the organisation with the details possessed before, if not sure with the person whom you have contacted which is listed in the advertisement then contact the person with the previous established details, to check the bank statements carefully if any suspicious act is found immediately report it to the bank, check the details on any request of change like company numbers, VAT registration ,web and email information.
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B.A., B.L., (Hons) IPDP., (London)
Pgd IPR., Pgd Cyber Law., Msc., (IT)
CCI., CFA., IPCL.,
Advocate, Madras High Court
Karthikeyan, is a renowned cyber law expert, who is also the Managing Partner of Law Office of Karthikeyan, a reputed law firm based in Chennai.More About Us