Scam Alert!
October 3, 2022 – GLGA is sharing an urgent message from Andrea Schlack, the president of Printing Industry Credit Bureau, for her fellow GLGA members:
There is a new scam circulating that has already cost thousands of dollars. I want to inform the members so you are aware and hopefully able to avoid the consequences. You’ll also want to communicate with your customers, protecting them as well.
Here’s how it works: a customer receives a communication from what they believe is their vendor (you), directing the customer to pay all future payments by ACH instead of by checking. Account info is provided, but THAT ACCOUNT IS NOT THE VENDOR’S! It’s the fraudster’s, and once money is sent that account gets closed and they money is gone.
I know of four companies so far that had their payments diverted . While we were able to recover them, the issue is more far reaching as now the fraudster knows the live info and can spread it more maliciously.
My suggestion for the short term – and KNOW I AM RESEARCHING THIS FURTHER for everyone’s benefit – but short term rapid moves need be done to protect profits:
- Send a communication to your customers by email, paper, and smoke signals that says something generic like ‘If you receive a communication stating our invoice payment methods have changed’ contact us immediately as we assure you they have not. We still accept checks and credit cards. We also will allow ACH or wire, and when requested those instructions will be provided.
- If you are victimized, you MUST contact the police and your insurance company or risk getting the loss covered.
- You also need to remember your customer who also was conned is a victim, too: mend bridges, do not put up walls!
- WHEN IT DOUBT —- DON’T
Feel free to contact me should you have any questions and I will do all I can to help. The PICB office number is (847) 265-0400, and website is picb-us.com.
GLGA recommends you take immediate action on Andrea’s advice to protect yourselves and your customers.
