This is one of the costliest scams a small business faces, because it targets money you were already going to pay. A fraudster gets in the middle of a real business relationship and quietly changes the bank details on an invoice, or sends an urgent request that looks like it came from the boss. The payment feels completely normal, which is exactly the problem.
The changed bank details trick
You get an email, often from a genuine looking supplier address, saying their bank has changed and to use new account details next time. The invoice and everything else looks right. The only thing that has changed is where the money goes.
The urgent request from the boss
An email that seems to be from a director asks a member of staff to make a payment quickly and quietly, perhaps for a deposit or a confidential deal. The urgency and authority are designed to skip your normal checks.
Verify changes on a channel you already trust
Before you change any payment details or pay a new or urgent request, confirm it by phone using a number you already hold for that person or supplier. Do not use contact details from the email itself, because those can be part of the scam.
Set a simple rule for money
Agree that any change of bank details, or any payment over a set amount, needs a second person to approve and a verbal confirmation. A clear rule protects staff, because they can point to the process rather than judge each email alone.
Watch for the account that has been quietly read
Sometimes a mailbox has already been broken into, and the scammer is reading real threads before striking. Unexpected mailbox rules, missing emails, or replies you do not remember sending are warning signs worth acting on quickly.
Red flags to watch for
- A supplier emails to say their bank details have changed, especially just before a payment is due.
- An urgent, confidential payment request that seems to come from a senior person.
- Pressure to bypass the normal approval process because it is time sensitive.
- A reply address that is subtly different from the real one, or a thread that has moved to a slightly wrong domain.
- New account details that are in a different name or a different bank from usual.
- A request to keep the payment quiet or not to phone to confirm.
Check yourself
0/41.A long standing supplier emails to say their bank details have changed and asks you to pay the attached invoice to the new account. What should you do first?
2.A junior staff member gets an email that appears to be from the managing director: I am in meetings, please urgently pay this deposit and keep it between us. Why is this dangerous?
3.What is the most reliable control a small business can put in place against invoice and payment redirection fraud?
4.You notice a mailbox rule you did not create that quietly moves emails from your accounts supplier into a folder you never check. What is the likely explanation?
This is general guidance, not a substitute for advice on your specific setup. Want a hand putting it into practice? Talk to us or see our care plans.