If you have not already seen the alert, it is available from the Charity Commission website and we recommend that you read it in full including the Charity Commission's prevention advice.
According to the regulatory alert, the fraud appears to involve compromising the school's email and computer systems. This enables fraudsters to contact parents and fee-payers to persuade them to make payments of school fees into the fraudsters account. The impression given is of a sophisticated fraud which builds confidence with a pattern of apparently legitimate contact through multiple channels, including plausible commercial offers like discounts for early payment.
If you think that your school may have been affected by this fraud you will need to consider a range of issues, including: