The SEPA(Single Euro Payments Area) system has simplified banking transactions in euros within the European Union, making cross-border payments easier. However, with this ease of use have also come new threats, notably SEPA e-mail fraud. This form of fraud aims to deceive users and gain access to their financial information. What are the methods commonly used by fraudsters, and how can you avoid falling into the SEPA e-mail fraud trap?

Common SEPA e-mail fraud techniques 

Phishing: fraudsters send fraudulent e-mails claiming to come from legitimate financial institutions. These e-mails often ask recipients to provide sensitive information such as account IDs, passwords and credit card details.

Fake payment notices: fraudsters send e-mails pretending to be legitimate SEPA payment notices. These messages encourage recipients to click on malicious links or download infected attachments.

Invoice alteration: fraudsters intercept legitimate communications, such as invoices, and modify payment information to redirect funds to fraudulent accounts. These altered invoices are then sent to legitimate recipients.

Tips to avoid SEPA e-mail fraud 

Sender verification: always check the sender's e-mail address. Financial institutions never ask for confidential information by e-mail.

Avoid suspicious links: never click on links included in suspicious e-mails. If an e-mail claims to come from a bank or financial institution, it's best to enter the site address manually in your browser.

Two-factor authentication: enable two-factor authentication (2FA) on bank accounts. This adds an extra layer of security by requiring confirmation by a second means, such as a code sent by SMS.

Check invoices: carefully check invoice details, especially payment information. If anything seems unusual, contact the sender directly by independent means to confirm authenticity.

Employee training: companies should make their employees aware of the risks of e-mail fraud, and provide them with clear guidelines on how to handle financial communications.

SEPA e-mail fraud is a serious threat, but with vigilance and the adoption of good security practices, users can protect themselves against these attacks. Team awareness is key to building resilience against online financial fraud. By staying informed and adopting sound security habits, users can help make the SEPA system safer and more reliable.