What is invoice fraud? How fake bank details steal business payments
By SendPay Business · · 2 min read
Invoice fraud, also called mandate fraud or invoice redirection, is when a criminal convinces a business to pay a real bill into the wrong account. Often they have broken into a supplier's email, so the message looks completely genuine.
How it usually happens
- A criminal gets into a supplier's email, or sets up a lookalike address.
- They watch for an upcoming invoice.
- They send a message saying the bank details have changed.
- The customer pays the new account, and the money is quickly moved on.
Simple checks that stop it
Always confirm a change of bank details by phoning the supplier on a number you already have, never one in the email. Send a small test payment first for new details, and use Confirmation of Payee where your bank offers it, which checks the account name matches.
Getting paid safely yourself
If you send invoices, tell customers your bank details will never change by email alone. Payment links let customers pay you directly from the invoice, so there are no bank details for anyone to swap.
Where SendPay fits
SendPay platforms include invoicing and payment links, so your customers can pay you and their own customers without typing in bank details. Everything runs through licensed partners.
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This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. PayPal, Patreon and Substack are named as reference points only and are not affiliated with SendPay Business.