The experience of a Queensland farmers reported recently in the media provide a timely reminder to school about the importance of caution with electronic payments.
As outlined in the media coverage the farmers (emphasis added) – “thought nothing of it when they received their usual email from Arrow Energy at the end of July reminding them to make their quarterly payment for land they lease from the company, together with details of changes to the bank account money was to be credited into.
They only realised they’d been involved in a fraudulent transaction when they received communication from Arrow a week later asking why they hadn’t met their payment commitment.”
As discussed at the 2018 Christian Schools National Business Conference, best practice in these situations is to phone a known contact at your supplier to check the changed payment details are legitimate. This would particularly apply in situations involving large payments, in this case $90,000.
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