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Fraudulently altered bank details cause losses for Amazon

Thursday 9th May, 2019

Online retailer Amazon has revealed that between May and October last year, an extensive fraud took place where thieves stole cash from its merchants.

Amazon Marketplace is used by tens of thousands of individuals and small firms as a shop front to sell their goods.

Bloomberg reported, about 100 accounts run by merchants who sell via Amazon were compromised by fraudsters.

Quoting legal documents it had seen, Bloomberg said the fraudsters changed bank details on Amazon accounts to divert cash.

It is believed merchants were targeted and tricked into handing over login information for their accounts. This would have given the fraudsters high level access to change financial details and steal cash.

Lawyers for Amazon asked a London judge to approve searches of account statements at Barclays and Prepay, which have become innocently mixed up in the wrongdoing, Bloomberg reported.