Protecting Your Business from Invoice Fraud

The National Crime Agency (NCA) is urging businesses to strengthen their defences against invoice fraud, a crime that continues to cost UK organisations millions of pounds every year.

Invoice fraud is typically criminals posing as legitimate suppliers to send fake invoices with payments directed into fraudulent accounts or requesting changes to bank account details on genuine invoices. In some cases, fraudsters gain access to legitimate email accounts, making fraudulent requests appear authentic. It is very easy to be taken in but it’s worth stopping and examining each invoice request before paying.

To help reduce the risk, businesses should:

• Always verify requests to change bank account or payment details by contacting the supplier using a trusted telephone number, not the details contained in the email.

• Check invoices carefully against purchase orders, previous invoices and expected amounts before making payment.

• Be alert to unexpected requests, duplicate invoices, poor spelling or formatting, unfamiliar email addresses and messages that create a sense of urgency.

• Ensure there are clear payment approval procedures, particularly for high-value or unusual transactions.

• Train employees to recognise the warning signs of fraud and encourage them to question anything that seems unusual.

Taking a few moments to carry out these checks can prevent significant financial losses and help protect your business from increasingly sophisticated scams.

If you believe you have been targeted by invoice fraud, contact your bank immediately. Acting quickly can improve the chances of stopping or recovering the payment.

If you would like advice on strengthening your internal financial controls or payment processes, we are here to help.

For further guidance, visit the National Crime Agency’s advice on invoice fraud: https://www.nationalcrimeagency.gov.uk/news/nca-and-natwest-launch-campaign-to-protect-against-invoice-fraud-in-business