What is invoice fraud?
Invoice fraud happens when someone tricks you into paying money into the wrong bank account. Common tactics include:
Emails claiming a supplier has “changed their bank details.”
Fake invoices that look genuine.
Compromised email accounts sending real-looking payment requests.
If bank details change, always confirm independently before paying.
How do I verify new bank details?
When a supplier says they’ve switched accounts:
Don’t rely on the email. Call your usual contact using a number you already know, not the one in the message.
Ask for evidence. A formal letter or bank confirmation helps verify the change.
Use Confirmation of Payee (CoP). It checks whether the account name matches who you expect to pay.
Test with a small payment. For first-time transfers, send a small amount before making the full payment.
Document your checks. Keep notes so there’s a clear audit trail.
What is Confirmation of Payee (CoP)?
CoP is a name-matching service. When you enter a sort code and account number, your bank checks whether the name matches the intended recipient.
CoP results you might see:
Match – Everything aligns.
Close match – It’s nearly right; verify spelling or abbreviations.
No match – Stop and investigate.
Can’t check – The recipient’s bank doesn’t use CoP.
Never ignore a failed CoP check — it’s an early warning that something isn’t right.
Everyday steps to help prevent fraud
Good habits reduce risk significantly:
Always verify new or changed bank details.
Use dual approval for large payments.
Periodically reconfirm supplier information.
Watch for unusual, urgent, or suspicious messages.
Train your team — fraudsters target people, not systems.
Quick checklist before you pay
Is the supplier known and trusted?
If the bank details have changed:
Have you independently confirmed the change?
Did CoP return a “match”?
Has a second person reviewed and approved the payment?