Mr. Seamus McCarthy:

I think in the case of the loss of €29,000 it was a supplier to the university. The way bank account diversion works is that the person attempting the fraud will send new bank account details for an entity that he or she knows is a supplier. The fraudster sends new banking instructions and then when a payment comes to be made, on foot of an invoice, it is a legitimate creditor, as far as the university is concerned but the money is sent to the wrong account.