MADAM – May a Luddite suggest a simple solution to the issue of email fraud reported in News section of ATG No 2286? Go back to payments by cheque!
Payment by electronic means has some small advantages, such as fast clearance of the funds. The banks would love to eliminate cheques, but the risks of fraud are far greater than these small benefits.
Recently a school in my locality lost over £200,000 to a scam ‘change of account details’ for a major building project. If they had instead sent a cheque to the contractor’s address, this disaster would not have occurred.