Mayflex Targeted in Financial Fraud Attack

Mayflex, a West Midlands based leading supplier of converged IP solutions including infrastructure, networking and electronic security, have been notifying their customers this week, after receiving reports that several customers had been contacted with a request to change the bank details used for making payments to Mayflex.

An initial email titled ‘Bank Email Security’ was sent out by Mayflex on the 26th February, warning of fraudulent phone calls that had been received by a number of customers, asking them to change the Mayflex Bank account details they had on record.

In their notification email, Mayflex stated:

“We have recently been notified of some fraudulent activity and we would like to take this opportunity to encourage you to be vigilant about the communications you receive from Mayflex.”

Mayflex have advised to ignore any such calls and if in doubt, customers should refer to the bank account details contained in their invoice.

This type of Social Engineering attack is similar to a Business Email Compromise, where the bad guys try to take advantage of the weak human factor, convincing them to carry out financial actions that result in legitimate payments being processed and sent to the bad guys.

In a follow-up to their original email, Mayflex today (28th Feb) have issued a second email to customers, confirming the validity of the first notification as well as providing further information on the scam.

Further investigation into the incident has found that the fraudsters were not content with just using telephone calls to deliver their scam, but they also sent letters using snail mail to try and seal the deal.

Fake letters claiming to be sent from Andrew Percival (Director) and Margaret Butterfield (Finance Director), were received by several customers with the same goal of changing the Mayflex banking details.

“Yesterday, 27th February 2019, we have been informed that a number of customers have received Recorded Delivery letters, claiming to be sent from Andrew Percival and Margaret Butterfield of Mayflex, asking them in writing to update the bank details to which they make payments for Mayflex orders.”

“We would like to take this opportunity to inform you that this letter is not genuine, and our payment details have not changed.”

A copy of the latest email is below:

Mayflex Fraudulent Activity Reported 2

Mayflex have provided an annotated copy of one of these letters so that customers can easily identify what is real and what is fraudulent.

Mayflex fraudulent letter

The number of these types of scams continues to rise, and companies should remain vigilant, and proceed with caution when they receive requests to change banking details.

If you ever receive a request to change any banking details, it is always worth directly contacting a known representative within the company to confirm that the request is indeed a valid one.

If you are a Mayflex customer that has received a call or a letter to change banking details, then please get in touch with Mayflex on 0121 326 7557, if you need more information.

Any companies that may have fallen victim to this fraud, please inform your bank & Mayflex immediately, and also consider raising a case on the Action Fraud website.

Ironshare – Security Simplified