Baltic Exchange members are advised to pay close attention to fraudsters intercepting emails, inserting their own email address or changing bank payment details.

“Business email compromise” (BEC) is a growing phenomenon and one which at least one Baltic Exchange member has fallen victim to. A member’s email server was recently compromised and as result their email was intercepted. Genuine invoices sent to this address were then adjusted to include the fraudster’s bank details. The member subsequently unwittingly remitted funds to the incorrect bank.

The Baltic Exchange advises members to double check all invoice payments and the details of the target accounts using the normal method of contact and not replying to an email thread. Where possible pick up the phone and speak to your usual point of contact.