Fraudsters hack the email account of a customer, sending out instructions to the bank acting as the customer.
They create a new email ID (very similar to that of the beneficiary party) or hack the beneficiary's email. They then communicate with the remitter to send the payment to the fake (fraudster's) account and later siphon off the remitted amount.

Call the beneficiary to securely cross-check and validate the beneficiary/bank details
Check the email ID of the beneficiary carefully
Share your fund transfer instructions in password protected file, rather than instructions sent via mail to the bank
Follow the basic security practices of laptops/desktops for protecting data
Change your password regularly

Share passwords/email IDs/communication sources with anyone
Share PIN / OTP / Debit card credential over E-mail to anyone.

Remember, there can be other applications of a similar nature and same modus operandi. Hence, kindly be aware and vigilant.
Report the suspicious activity in your account to your bank immediately. 

To report a fraud, write to us at -