About Uniting Financial Services

Before you pay: verifying banking details and protecting Church funds     Synod Risk and Partner Solutions and Support

Invoice and redirection fraud is an increasingly common method being used by scammers to steal funds from businesses, consumers and even Church organisations.   It occurs when criminals impersonate a trusted supplier and provide fraudulent banking details, resulting in payments being sent to the wrong account. These scams can be difficult to identify because the request often appears genuine. Emails, invoices, logos, names, and project details may all look legitimate. Let’s take the example of a congregation that receives an invoice from a supplier via email. The invoice advises that the supplier's bank account details have recently changed. The invoice looks genuine and the amount is correct. The payment is approved through the congregation's normal authorisation process, but several days later the supplier contacts the congregation to ask why payment has not been received. In fact, the supplier’s email has been hacked and the bank account details provided in the invoice were fraudulent, with the funds transferred to a scammer.   How to guard against invoice and redirection fraud Many organisations have payment approval processes that require two or more people to authorise a transaction. These controls are important and should continue to be followed. However, multiple approvals alone may not prevent fraud if the information being approved is incorrect. When initiating a transaction, it is therefore important to independently check the name, account number and BSB number of the supplier by calling them using a phone number you already know and trust, or one independently obtained from the supplier’s official website, not a number contained in the invoice or change-of-details email. The most effective control is often verifying key information before payment occurs.  Also look out for red flags, such as requests to redirect payments to a known supplier to a different account. Reducing the limit on how much can be transferred on a given day is another way to safeguard against potential losses. For larger transactions, UFS can temporarily increase transfer limits and then revert the limit to the previous approved amount once a transaction is completed. Keeping information safe is another way to help prevent fraud. Avoid sending sensitive banking or private information, including account numbers, Client IDs and passwords, by ordinary email. Use UFS-approved secure channels where available and do not share your security password with anyone. While UFS has controls in place to help safeguard transactions, UFS cannot independently verify the underlying legitimacy of every payment instruction. Effective fraud prevention therefore also relies on congregations verifying payment information before authorising a transaction.   Reach out if you need help If you are ever unsure, something does not feel right, or you suspect a request may be fraudulent, do not hesitate to seek advice before proceeding. Remember you are not alone, UFS and the Synod Risk team are always available to provide guidance and support. Asking a question early can often prevent a problem from becoming a much bigger issue. If you believe a fraudulent payment may already have been made, contact UFS immediately so that action can be taken as quickly as possible. For more information on managing risk within your Church organisation, visit: https://www.nswact.uca.org.au/support-services/risk-audit-and-whs/risk-bites/       Important information: While the information in this communication has been prepared with all reasonable care, UFS accepts no responsibility or liability for any errors, omissions or misstatements however caused. No action has been taken to register or qualify these products or otherwise permit a public offering of these products in any jurisdiction outside Australia. Past performance is not indicative of future performance.  You can review the UFS Privacy Policy below.

  CallInvestments and Lending: 1300 133 673Other enquiries: 02 8267 4300

  Emailcontactus@unitingfinancial.com.auWe are here to help.

  Post P.O. Box A2178, Sydney South NSW 1235  

  AddressLevel 10, 222 Pitt Street, Sydney NSW 2000

  Important for you to know Financial services are provided by The Uniting Church (NSW) Trust Association Limited ACN 000 022 480, ABN 89 725 654 978, AFSL 292186 (“UCTAL”) and by The Uniting Church in Australia Property Trust (NSW) ABN 77 005 284 605 (“UCAPT”) (together and separately “Uniting Financial Services”), for The Uniting Church in Australia, Synod of NSW and the ACT (“Synod”), under a s.911A Corporations Act 2001 (Cth.) authorisation and pursuant to APRA Banking Exemption No. 1 of 2021 and ASIC Regulatory Guide 87 and ASIC Corporations (Charitable Investment Fundraising) Instrument 2016/813 exemptions. Uniting Financial Services® is a registered trademark of UCTAL used with permission of UCAPT. None of The Uniting Church in Australia, UCAPT and UCTAL is prudentially supervised by APRA. Therefore, investments with or contributions to these Uniting Church organisations will not receive the benefit of the Financial Claims Scheme or the depositor protection provisions in the Banking Act 1959 (Cth.). All financial services and products are designed for investors who wish to promote the religious and charitable purposes of Uniting Financial Services and The Uniting Church in Australia and for whom profit considerations are not of primary importance in their decision to invest. The information on this page has been prepared without considering your objectives, financial situation or needs. You should, before acting on it, consider its appropriateness to your circumstances or refer to the relevant disclosure document. Loan applications are subject to credit approval. Interest rates are subject to change. Fees and charges may apply.