{"id":14974,"date":"2026-06-01T11:41:42","date_gmt":"2026-06-01T09:41:42","guid":{"rendered":"https:\/\/trustpair.com\/blog\/the-top-3-vendor-fraud-schemes\/"},"modified":"2026-06-01T11:58:04","modified_gmt":"2026-06-01T09:58:04","slug":"the-top-3-vendor-fraud-schemes","status":"publish","type":"post","link":"https:\/\/trustpair.com\/gb\/blog\/the-top-3-vendor-fraud-schemes\/","title":{"rendered":"The Top 3 Vendor Fraud Schemes"},"content":{"rendered":"<div class=\"s-whitespace-pre-wrap s-break-words s-font-normal first:s-pt-0 last:s-pb-0 s-py-1 @md:s-pt-2 @md:s-pb-[10px] @md:s-leading-relaxed s-text-base s-leading-relaxed s-text-foreground dark:s-text-foreground-night\">\n<div class=\"s-whitespace-pre-wrap s-break-words s-font-normal first:s-pt-0 last:s-pb-0 s-py-1 @md:s-pt-2 @md:s-pb-[10px] @md:s-leading-relaxed s-text-base s-leading-relaxed s-text-foreground dark:s-text-foreground-night\">Imagine discovering that one of your trusted employees had spent years editing real supplier invoices to redirect payments into their own account. That&#8217;s exactly what happened at Miami University, which lost over $2.3 million to an internal fraudster. <strong class=\"s-font-semibold s-text-foreground dark:s-text-foreground-night\">Vendor fraud is a severe and growing threat to UK businesses.<\/strong> The Home Office estimates fraud cost UK businesses <strong class=\"s-font-semibold s-text-foreground dark:s-text-foreground-night\">\u00a35.2 billion<\/strong> in the year ending March 2024, while fake invoice fraud alone affected <strong class=\"s-font-semibold s-text-foreground dark:s-text-foreground-night\">11% of UK businesses<\/strong> in the same period.<\/div>\n<div class=\"s-whitespace-pre-wrap s-break-words s-font-normal first:s-pt-0 last:s-pb-0 s-py-1 @md:s-pt-2 @md:s-pb-[10px] @md:s-leading-relaxed s-text-base s-leading-relaxed s-text-foreground dark:s-text-foreground-night\">In this article, learn the most common types of <a class=\"s-break-all s-font-semibold s-transition-all s-duration-200 s-ease-in-out hover:s-underline s-text-highlight dark:s-text-highlight-night hover:s-text-highlight-400 dark:hover:s-text-highlight-400-night active:s-text-highlight-dark dark:active:s-text-highlight-dark-night\" title=\"https:\/\/trustpair.com\/blog\/vendor-fraud\/\" href=\"https:\/\/trustpair.com\/blog\/vendor-fraud\/\" target=\"_blank\" rel=\"noopener noreferrer\">vendor fraud<\/a> and how to fight against it with Trustpair. <a class=\"s-break-all s-font-semibold s-transition-all s-duration-200 s-ease-in-out hover:s-underline s-text-highlight dark:s-text-highlight-night hover:s-text-highlight-400 dark:hover:s-text-highlight-400-night active:s-text-highlight-dark dark:active:s-text-highlight-dark-night\" title=\"https:\/\/trustpair.com\/demo\/\" href=\"https:\/\/trustpair.com\/gb\/demo-5\/\" target=\"_blank\" rel=\"noopener noreferrer\">Request a demo to learn more!<\/a><\/div>\n<\/div>\n<div>\n<h2 class=\"s-pb-2 s-pt-4 s-heading-xl s-text-foreground dark:s-text-foreground-night\" class=\"s-pb-2 s-pt-4 s-heading-xl s-text-foreground dark:s-text-foreground-night\" id=\"key-takeaways\">Key Takeaways<\/h2>\n<ul class=\"s-list-disc s-pb-2 s-pl-6 s-flex s-flex-col s-gap-1 s-text-foreground dark:s-text-foreground-night s-text-base s-leading-relaxed\">\n<li class=\"s-break-words s-text-foreground dark:s-text-foreground-night s-text-base s-leading-relaxed\"><strong class=\"s-font-semibold s-text-foreground dark:s-text-foreground-night\">Vendor fraud<\/strong>\u00a0refers to schemes in which fraudsters impersonate or compromise real suppliers to divert business payments.<\/li>\n<li class=\"s-break-words s-text-foreground dark:s-text-foreground-night s-text-base s-leading-relaxed\">The\u00a0<strong class=\"s-font-semibold s-text-foreground dark:s-text-foreground-night\">three most common vendor fraud schemes<\/strong>\u00a0are: phishing\/BEC attacks, internal employee fraud, and invoice fraud through compromised supplier accounts.<\/li>\n<li class=\"s-break-words s-text-foreground dark:s-text-foreground-night s-text-base s-leading-relaxed\">UK fraud cost businesses\u00a0<strong class=\"s-font-semibold s-text-foreground dark:s-text-foreground-night\">\u00a35.2 billion<\/strong>\u00a0in the year ending March 2024 (Home Office). Fake invoice fraud affected\u00a0<strong class=\"s-font-semibold s-text-foreground dark:s-text-foreground-night\">11% of UK businesses<\/strong>\u00a0(Economic Crime Survey 2024).<\/li>\n<li class=\"s-break-words s-text-foreground dark:s-text-foreground-night s-text-base s-leading-relaxed\">Payment rails commonly targeted in the UK include\u00a0<strong class=\"s-font-semibold s-text-foreground dark:s-text-foreground-night\">Faster Payments, BACS, and CHAPS<\/strong>, all of which can be exploited through fraudulent bank detail changes.<\/li>\n<li class=\"s-break-words s-text-foreground dark:s-text-foreground-night s-text-base s-leading-relaxed\">The UK&#8217;s new\u00a0<strong class=\"s-font-semibold s-text-foreground dark:s-text-foreground-night\">Authorised Push Payment (APP) fraud reimbursement rules<\/strong>, introduced in 2024, place greater liability on businesses to demonstrate due diligence before payments are made.<\/li>\n<li class=\"s-break-words s-text-foreground dark:s-text-foreground-night s-text-base s-leading-relaxed\">The most effective defense is\u00a0<strong class=\"s-font-semibold s-text-foreground dark:s-text-foreground-night\">automated vendor account validation<\/strong>\u00a0before every payment.<\/li>\n<li class=\"s-break-words s-text-foreground dark:s-text-foreground-night s-text-base s-leading-relaxed\">Trustpair has blocked\u00a0<strong class=\"s-font-semibold s-text-foreground dark:s-text-foreground-night\">100% of payment fraud attempts<\/strong>\u00a0for its customers since deployment.<\/li>\n<\/ul>\n<\/div>\n<p><!--HubSpot Call-to-Action Code --><span id=\"hs-cta-wrapper-f6e13c4c-1fff-4855-95b0-42a38b8c9acd\" class=\"hs-cta-wrapper\"><span id=\"hs-cta-f6e13c4c-1fff-4855-95b0-42a38b8c9acd\" class=\"hs-cta-node hs-cta-f6e13c4c-1fff-4855-95b0-42a38b8c9acd\"><!-- [if lte IE 8]>\n\n\n<div id=\"hs-cta-ie-element\"><\/div>\n\n\n<![endif]--><a href=\"https:\/\/cta-redirect.hubspot.com\/cta\/redirect\/5278241\/f6e13c4c-1fff-4855-95b0-42a38b8c9acd\"><img decoding=\"async\" id=\"hs-cta-img-f6e13c4c-1fff-4855-95b0-42a38b8c9acd\" class=\"hs-cta-img\" style=\"border-width: 0px;\" src=\"https:\/\/no-cache.hubspot.com\/cta\/default\/5278241\/f6e13c4c-1fff-4855-95b0-42a38b8c9acd.png\" alt=\"New call-to-action\" \/><\/a><\/span><script charset=\"utf-8\" src=\"https:\/\/js.hscta.net\/cta\/current.js\"><\/script><script type=\"text\/javascript\"> hbspt.cta.load(5278241, 'f6e13c4c-1fff-4855-95b0-42a38b8c9acd', {\"useNewLoader\":\"true\",\"region\":\"na1\"}); <\/script><\/span><!-- end HubSpot Call-to-Action Code --><\/p>\n<div data-index=\"1\" data-known-size=\"9004\">\n<div class=\"mx-auto max-w-conversation mt-8 mb-10\">\n<div class=\"s-flex s-flex-col s-@container @xs:s-flex-row s-pr-0\">\n<div class=\"s-flex s-rounded-2xl s-max-w-full s-w-full s-gap-3 s-flex-col\">\n<div class=\"group flex w-full min-w-0 flex-col gap-2\">\n<div class=\"flex flex-col gap-5\">\n<div class=\"s-flex s-min-w-0 s-flex-col s-gap-1\">\n<div class=\"s-text-base s-text-foreground dark:s-text-foreground-night\">\n<div class=\"flex flex-col gap-y-4\">\n<div class=\"s-w-full\">\n<div class=\"s-whitespace-pre-wrap s-break-words s-font-normal first:s-pt-0 last:s-pb-0 s-py-1 @md:s-pt-2 @md:s-pb-[10px] @md:s-leading-relaxed s-text-base s-leading-relaxed s-text-foreground dark:s-text-foreground-night\">\n<h2 class=\"s-pb-2 s-pt-4 s-heading-xl s-text-foreground dark:s-text-foreground-night\" class=\"s-pb-2 s-pt-4 s-heading-xl s-text-foreground dark:s-text-foreground-night\" id=\"phishing-and-business-email-compromise-bec\">Phishing and Business Email Compromise (BEC)<\/h2>\n<div class=\"s-whitespace-pre-wrap s-break-words s-font-normal first:s-pt-0 last:s-pb-0 s-py-1 @md:s-pt-2 @md:s-pb-[10px] @md:s-leading-relaxed s-text-base s-leading-relaxed s-text-foreground dark:s-text-foreground-night\"><strong class=\"s-font-semibold s-text-foreground dark:s-text-foreground-night\">Phishing emails involve the impersonation of a genuine third party in order to gain access to sensitive information or divert a payment.<\/strong> In the vendor fraud context, this is often called Business Email Compromise (BEC) or Vendor Email Compromise (VEC).<\/div>\n<div class=\"s-whitespace-pre-wrap s-break-words s-font-normal first:s-pt-0 last:s-pb-0 s-py-1 @md:s-pt-2 @md:s-pb-[10px] @md:s-leading-relaxed s-text-base s-leading-relaxed s-text-foreground dark:s-text-foreground-night\">There are different levels of sophistication. <strong class=\"s-font-semibold s-text-foreground dark:s-text-foreground-night\">Spear phishing<\/strong> involves detailed prior research: fraudsters identify the payment approver&#8217;s name, the company&#8217;s standard invoicing process, and the real vendor&#8217;s email format, often spoofing it convincingly. Busy procurement teams are unlikely to spot the difference.<\/div>\n<div><\/div>\n<div class=\"s-whitespace-pre-wrap s-break-words s-font-normal first:s-pt-0 last:s-pb-0 s-py-1 @md:s-pt-2 @md:s-pb-[10px] @md:s-leading-relaxed s-text-base s-leading-relaxed s-text-foreground dark:s-text-foreground-night\"><strong class=\"s-font-semibold s-text-foreground dark:s-text-foreground-night\">Pharming<\/strong> goes further, directing victims to malicious websites designed to harvest employee login credentials and gain access to confidential company systems.<\/div>\n<div class=\"s-whitespace-pre-wrap s-break-words s-font-normal first:s-pt-0 last:s-pb-0 s-py-1 @md:s-pt-2 @md:s-pb-[10px] @md:s-leading-relaxed s-text-base s-leading-relaxed s-text-foreground dark:s-text-foreground-night\">A significant and growing threat is <strong class=\"s-font-semibold s-text-foreground dark:s-text-foreground-night\">AI-enhanced phishing<\/strong>. According to VIPRE&#8217;s Q2 2024 Security Report, up to <strong class=\"s-font-semibold s-text-foreground dark:s-text-foreground-night\">40% of BEC phishing emails were AI-generated<\/strong>, making them significantly more convincing in tone, context, and personalisation.<\/div>\n<div class=\"s-whitespace-pre-wrap s-break-words s-font-normal first:s-pt-0 last:s-pb-0 s-py-1 @md:s-pt-2 @md:s-pb-[10px] @md:s-leading-relaxed s-text-base s-leading-relaxed s-text-foreground dark:s-text-foreground-night\">\nBEC attacks rose a further <strong class=\"s-font-semibold s-text-foreground dark:s-text-foreground-night\">15% in 2025<\/strong>.<\/p>\n<div>\n<div class=\"group flex flex-row items-center justify-center space-x-1 rounded-lg bg-muted-background p-1 text-xs font-medium text-muted-foreground dark:bg-muted-background-night dark:text-muted-foreground-night\">\n<div class=\"flex h-3 w-3 items-center justify-center\">\n<div class=\"s-relative s-flex s-items-center s-justify-center s-w-3 s-h-3\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"s-whitespace-pre-wrap s-break-words s-font-normal first:s-pt-0 last:s-pb-0 s-py-1 @md:s-pt-2 @md:s-pb-[10px] @md:s-leading-relaxed s-text-base s-leading-relaxed s-text-foreground dark:s-text-foreground-night\">These attacks rely on <strong class=\"s-font-semibold s-text-foreground dark:s-text-foreground-night\"><a class=\"s-break-all s-font-semibold s-transition-all s-duration-200 s-ease-in-out hover:s-underline s-text-highlight dark:s-text-highlight-night hover:s-text-highlight-400 dark:hover:s-text-highlight-400-night active:s-text-highlight-dark dark:active:s-text-highlight-dark-night\" title=\"https:\/\/trustpair.com\/blog\/the-7-ways-to-recognize-phishing-and-avoid-it\/\" href=\"https:\/\/trustpair.com\/gb\/blog\/the-7-ways-to-recognize-phishing-and-avoid-it\/\" target=\"_blank\" rel=\"noopener noreferrer\">social engineering<\/a><\/strong> tactics. A typical scenario: fraudsters impersonate a known supplier mid-contract and submit a convincing invoice for legitimate-sounding services. Because the supplier relationship exists and no automated verification is in place, the payment goes through unchallenged.<\/div>\n<div><\/div>\n<div class=\"s-whitespace-pre-wrap s-break-words s-font-normal first:s-pt-0 last:s-pb-0 s-py-1 @md:s-pt-2 @md:s-pb-[10px] @md:s-leading-relaxed s-text-base s-leading-relaxed s-text-foreground dark:s-text-foreground-night\"><span style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, 'Helvetica Neue', Arial, 'Noto Sans', sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol', 'Noto Color Emoji';\">Fraudsters frequently target payments made via <\/span><strong class=\"s-font-semibold s-text-foreground dark:s-text-foreground-night\" style=\"font-style: italic; font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, 'Helvetica Neue', Arial, 'Noto Sans', sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol', 'Noto Color Emoji';\">Faster Payments and BACS<\/strong><span style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, 'Helvetica Neue', Arial, 'Noto Sans', sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol', 'Noto Color Emoji';\">, requesting account detail changes that re-route funds to mule accounts. Given the near-instant settlement of <\/span><a class=\"s-break-all s-font-semibold s-transition-all s-duration-200 s-ease-in-out hover:s-underline s-text-highlight dark:s-text-highlight-night hover:s-text-highlight-400 dark:hover:s-text-highlight-400-night active:s-text-highlight-dark dark:active:s-text-highlight-dark-night\" style=\"font-style: italic; font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, 'Helvetica Neue', Arial, 'Noto Sans', sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol', 'Noto Color Emoji';\" title=\"https:\/\/trustpair.com\/gb\/blog\/fps-faster-payments\/\" href=\"https:\/\/trustpair.com\/gb\/blog\/fps-faster-payments\/\" target=\"_blank\" rel=\"noopener noreferrer\">Faster Payments<\/a><span style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, 'Helvetica Neue', Arial, 'Noto Sans', sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol', 'Noto Color Emoji';\"> and the direct debit capabilities of <\/span><a class=\"s-break-all s-font-semibold s-transition-all s-duration-200 s-ease-in-out hover:s-underline s-text-highlight dark:s-text-highlight-night hover:s-text-highlight-400 dark:hover:s-text-highlight-400-night active:s-text-highlight-dark dark:active:s-text-highlight-dark-night\" style=\"font-style: italic; font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, 'Helvetica Neue', Arial, 'Noto Sans', sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol', 'Noto Color Emoji';\" title=\"https:\/\/trustpair.com\/gb\/blog\/bacs-payment\/\" href=\"https:\/\/trustpair.com\/gb\/blog\/bacs-payment\/\" target=\"_blank\" rel=\"noopener noreferrer\">BACS<\/a><span style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, 'Helvetica Neue', Arial, 'Noto Sans', sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol', 'Noto Color Emoji';\">, funds can be irrecoverable within minutes. <\/span><a class=\"s-break-all s-font-semibold s-transition-all s-duration-200 s-ease-in-out hover:s-underline s-text-highlight dark:s-text-highlight-night hover:s-text-highlight-400 dark:hover:s-text-highlight-400-night active:s-text-highlight-dark dark:active:s-text-highlight-dark-night\" style=\"font-style: italic; font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, 'Helvetica Neue', Arial, 'Noto Sans', sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol', 'Noto Color Emoji';\" title=\"https:\/\/trustpair.com\/gb\/blog\/chaps-payments-explained\/\" href=\"https:\/\/trustpair.com\/gb\/blog\/chaps-payments-explained\/\" target=\"_blank\" rel=\"noopener noreferrer\">CHAPS payments<\/a><span style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, 'Helvetica Neue', Arial, 'Noto Sans', sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol', 'Noto Color Emoji';\"> for high-value transfers carry similar risk.<\/span><\/div>\n<\/div>\n<div class=\"s-whitespace-pre-wrap s-break-words s-font-normal first:s-pt-0 last:s-pb-0 s-py-1 @md:s-pt-2 @md:s-pb-[10px] @md:s-leading-relaxed s-text-base s-leading-relaxed s-text-foreground dark:s-text-foreground-night\">\n<h2 class=\"s-pb-2 s-pt-4 s-heading-xl s-text-foreground dark:s-text-foreground-night\" class=\"s-pb-2 s-pt-4 s-heading-xl s-text-foreground dark:s-text-foreground-night\" id=\"internal-employee-fraud\">Internal (Employee) Fraud<\/h2>\n<div class=\"s-whitespace-pre-wrap s-break-words s-font-normal first:s-pt-0 last:s-pb-0 s-py-1 @md:s-pt-2 @md:s-pb-[10px] @md:s-leading-relaxed s-text-base s-leading-relaxed s-text-foreground dark:s-text-foreground-night\">Internal fraud, also known as employee fraud, is another <a class=\"s-break-all s-font-semibold s-transition-all s-duration-200 s-ease-in-out hover:s-underline s-text-highlight dark:s-text-highlight-night hover:s-text-highlight-400 dark:hover:s-text-highlight-400-night active:s-text-highlight-dark dark:active:s-text-highlight-dark-night\" title=\"https:\/\/trustpair.com\/blog\/vendor-fraud-examples\/\" href=\"https:\/\/trustpair.com\/blog\/vendor-fraud-examples\/\" target=\"_blank\" rel=\"noopener noreferrer\">example of vendor fraud<\/a>.<\/div>\n<div class=\"s-whitespace-pre-wrap s-break-words s-font-normal first:s-pt-0 last:s-pb-0 s-py-1 @md:s-pt-2 @md:s-pb-[10px] @md:s-leading-relaxed s-text-base s-leading-relaxed s-text-foreground dark:s-text-foreground-night\">In this scheme, an employee exploits their access to submit and conceal fraudulent invoices. They may siphon payments to a shell company, inflate the price of goods or services, or redirect funds to an account they control. Because the employee understands exactly how invoices are normally processed, the fraud can remain invisible for extended periods.<\/div>\n<div><\/div>\n<div class=\"s-whitespace-pre-wrap s-break-words s-font-normal first:s-pt-0 last:s-pb-0 s-py-1 @md:s-pt-2 @md:s-pb-[10px] @md:s-leading-relaxed s-text-base s-leading-relaxed s-text-foreground dark:s-text-foreground-night\">With hundreds or thousands of suppliers in a typical organisation, accounts payable staff are unlikely to flag an invoice that looks and behaves like all the others.<\/div>\n<div><\/div>\n<div class=\"s-whitespace-pre-wrap s-break-words s-font-normal first:s-pt-0 last:s-pb-0 s-py-1 @md:s-pt-2 @md:s-pb-[10px] @md:s-leading-relaxed s-text-base s-leading-relaxed s-text-foreground dark:s-text-foreground-night\">The <strong class=\"s-font-semibold s-text-foreground dark:s-text-foreground-night\"><a class=\"s-break-all s-font-semibold s-transition-all s-duration-200 s-ease-in-out hover:s-underline s-text-highlight dark:s-text-highlight-night hover:s-text-highlight-400 dark:hover:s-text-highlight-400-night active:s-text-highlight-dark dark:active:s-text-highlight-dark-night\" title=\"https:\/\/trustpair.com\/blog\/the-fraud-triangle-understanding-fraud-risk\/\" href=\"https:\/\/trustpair.com\/gb\/blog\/the-fraud-triangle-understanding-fraud-risk\/\" target=\"_blank\" rel=\"noopener noreferrer\">fraud triangle<\/a><\/strong> explains why employees commit fraud through three converging factors:<\/div>\n<ol class=\"s-list-decimal s-pb-2 s-pl-6 s-flex s-flex-col s-gap-1 s-text-foreground dark:s-text-foreground-night s-text-base s-leading-relaxed\">\n<li class=\"s-break-words s-text-foreground dark:s-text-foreground-night s-text-base s-leading-relaxed\"><strong class=\"s-font-semibold s-text-foreground dark:s-text-foreground-night\">Motivation<\/strong>: financial pressure from redundancy, debt, or perceived unfair treatment<\/li>\n<li class=\"s-break-words s-text-foreground dark:s-text-foreground-night s-text-base s-leading-relaxed\"><strong class=\"s-font-semibold s-text-foreground dark:s-text-foreground-night\">Opportunity<\/strong>: authorised access to payment systems or supplier master data<\/li>\n<li class=\"s-break-words s-text-foreground dark:s-text-foreground-night s-text-base s-leading-relaxed\"><strong class=\"s-font-semibold s-text-foreground dark:s-text-foreground-night\">Rationalization<\/strong>: routing payments through a shell company makes them appear legitimate<\/li>\n<\/ol>\n<div class=\"s-whitespace-pre-wrap s-break-words s-font-normal first:s-pt-0 last:s-pb-0 s-py-1 @md:s-pt-2 @md:s-pb-[10px] @md:s-leading-relaxed s-text-base s-leading-relaxed s-text-foreground dark:s-text-foreground-night\">One example of employee fraud at a British business illustrates this precisely. The financial controller, facing personal financial pressure after her partner became redundant, noticed an existing supplier had ceased trading. She edited a previous invoice, replaced the bank details with those of her own shell company, and deliberately kept each transaction below the co-authorisation threshold. The CFO, busy and trusting of a long-standing colleague, only scrutinised payments to new suppliers. The fraud went undetected, costing the business approximately <strong class=\"s-font-semibold s-text-foreground dark:s-text-foreground-night\">\u00a320,000<\/strong>.<\/div>\n<div><\/div>\n<div class=\"s-whitespace-pre-wrap s-break-words s-font-normal first:s-pt-0 last:s-pb-0 s-py-1 @md:s-pt-2 @md:s-pb-[10px] @md:s-leading-relaxed s-text-base s-leading-relaxed s-text-foreground dark:s-text-foreground-night\"><span style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, 'Helvetica Neue', Arial, 'Noto Sans', sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol', 'Noto Color Emoji';\">Under the <\/span><strong class=\"s-font-semibold s-text-foreground dark:s-text-foreground-night\" style=\"font-style: italic; font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, 'Helvetica Neue', Arial, 'Noto Sans', sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol', 'Noto Color Emoji';\">PSR&#8217;s APP fraud reimbursement rules<\/strong><span style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, 'Helvetica Neue', Arial, 'Noto Sans', sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol', 'Noto Color Emoji';\">, which came into force in October 2024, banks and payment service providers must reimburse victims of authorised push payment fraud up to \u00a385,000. While this applies primarily to personal accounts, it is increasing scrutiny on corporate payment controls and reinforcing the need for businesses to demonstrate pre-payment due diligence.<\/span><\/div>\n<h2 class=\"s-pb-2 s-pt-4 s-heading-xl s-text-foreground dark:s-text-foreground-night\" class=\"s-pb-2 s-pt-4 s-heading-xl s-text-foreground dark:s-text-foreground-night\" id=\"invoice-fraud\">Invoice Fraud<\/h2>\n<div class=\"s-whitespace-pre-wrap s-break-words s-font-normal first:s-pt-0 last:s-pb-0 s-py-1 @md:s-pt-2 @md:s-pb-[10px] @md:s-leading-relaxed s-text-base s-leading-relaxed s-text-foreground dark:s-text-foreground-night\"><a class=\"s-break-all s-font-semibold s-transition-all s-duration-200 s-ease-in-out hover:s-underline s-text-highlight dark:s-text-highlight-night hover:s-text-highlight-400 dark:hover:s-text-highlight-400-night active:s-text-highlight-dark dark:active:s-text-highlight-dark-night\" title=\"https:\/\/trustpair.com\/blog\/invoice-fraud\/\" href=\"https:\/\/trustpair.com\/blog\/invoice-fraud\/\" target=\"_blank\" rel=\"noopener noreferrer\">Invoice fraud<\/a> is a third attack vector. Here, <strong class=\"s-font-semibold s-text-foreground dark:s-text-foreground-night\">the communication genuinely appears to come from a real supplier, because that supplier&#8217;s email or systems have been hacked<\/strong>.<\/div>\n<div><\/div>\n<div class=\"s-whitespace-pre-wrap s-break-words s-font-normal first:s-pt-0 last:s-pb-0 s-py-1 @md:s-pt-2 @md:s-pb-[10px] @md:s-leading-relaxed s-text-base s-leading-relaxed s-text-foreground dark:s-text-foreground-night\">The attacker, operating from inside the compromised supplier account, requests a change in bank account details. They may also submit invoices for goods or services never delivered. These attacks are particularly dangerous because businesses are far less suspicious of established supplier relationships, typically concentrating verification efforts on new vendors only.<\/div>\n<div><\/div>\n<div class=\"s-whitespace-pre-wrap s-break-words s-font-normal first:s-pt-0 last:s-pb-0 s-py-1 @md:s-pt-2 @md:s-pb-[10px] @md:s-leading-relaxed s-text-base s-leading-relaxed s-text-foreground dark:s-text-foreground-night\">According to the Home Office&#8217;s Economic Crime Survey 2024, <strong class=\"s-font-semibold s-text-foreground dark:s-text-foreground-night\">mandate fraud<\/strong> (where fraudsters trick a business into changing bank details to divert payments) affected <strong class=\"s-font-semibold s-text-foreground dark:s-text-foreground-night\">7% of UK businesses<\/strong> in the preceding 12 months.<\/p>\n<div>\n<div class=\"group flex flex-row items-center justify-center space-x-1 rounded-lg bg-muted-background p-1 text-xs font-medium text-muted-foreground dark:bg-muted-background-night dark:text-muted-foreground-night\">\n<div class=\"flex h-3 w-3 items-center justify-center\">\n<div class=\"s-relative s-flex s-items-center s-justify-center s-w-3 s-h-3\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"s-whitespace-pre-wrap s-break-words s-font-normal first:s-pt-0 last:s-pb-0 s-py-1 @md:s-pt-2 @md:s-pb-[10px] @md:s-leading-relaxed s-text-base s-leading-relaxed s-text-foreground dark:s-text-foreground-night\">Sade Telecom, an electrical network company, fell victim to this type of fraud before partnering with Trustpair. Their accounts payable team received a payment detail change request from what appeared to be an existing supplier. Without an automated verification system, they processed the change and sent subsequent payments to the fraudulent account. It was only when the genuine vendor issued a late-payment notice that the fraud was discovered.<\/div>\n<div><\/div>\n<div class=\"s-whitespace-pre-wrap s-break-words s-font-normal first:s-pt-0 last:s-pb-0 s-py-1 @md:s-pt-2 @md:s-pb-[10px] @md:s-leading-relaxed s-text-base s-leading-relaxed s-text-foreground dark:s-text-foreground-night\">Following the incident, Sade Telecom implemented Trustpair to automatically validate payment details before every transaction. The result: <strong class=\"s-font-semibold s-text-foreground dark:s-text-foreground-night\">100% of subsequent fraud attempts were blocked<\/strong>, with the solution live within 72 hours.<\/div>\n<div><\/div>\n<div class=\"s-whitespace-pre-wrap s-break-words s-font-normal first:s-pt-0 last:s-pb-0 s-py-1 @md:s-pt-2 @md:s-pb-[10px] @md:s-leading-relaxed s-text-base s-leading-relaxed s-text-foreground dark:s-text-foreground-night\"><span style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, 'Helvetica Neue', Arial, 'Noto Sans', sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol', 'Noto Color Emoji';\">For UK organisations, mandate fraud most commonly targets <\/span><strong class=\"s-font-semibold s-text-foreground dark:s-text-foreground-night\" style=\"font-style: italic; font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, 'Helvetica Neue', Arial, 'Noto Sans', sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol', 'Noto Color Emoji';\">BACS Direct Credit<\/strong><span style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, 'Helvetica Neue', Arial, 'Noto Sans', sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol', 'Noto Color Emoji';\"> and <\/span><strong class=\"s-font-semibold s-text-foreground dark:s-text-foreground-night\" style=\"font-style: italic; font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, 'Helvetica Neue', Arial, 'Noto Sans', sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol', 'Noto Color Emoji';\">Faster Payment<\/strong><span style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, 'Helvetica Neue', Arial, 'Noto Sans', sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol', 'Noto Color Emoji';\"> instructions. Because Faster Payments settle in seconds, early detection before payment authorisation is the only reliable defence. Trustpair&#8217;s pre-payment validation integrates directly into your payment workflow to prevent fraud at source.<\/span><\/div>\n<h2 class=\"s-pb-2 s-pt-4 s-heading-xl s-text-foreground dark:s-text-foreground-night\" class=\"s-pb-2 s-pt-4 s-heading-xl s-text-foreground dark:s-text-foreground-night\" id=\"vendor-account-validation-the-ultimate-defence-against-vendor-fraud\">Vendor Account Validation: The Ultimate Defence Against Vendor Fraud<\/h2>\n<div class=\"s-whitespace-pre-wrap s-break-words s-font-normal first:s-pt-0 last:s-pb-0 s-py-1 @md:s-pt-2 @md:s-pb-[10px] @md:s-leading-relaxed s-text-base s-leading-relaxed s-text-foreground dark:s-text-foreground-night\"><a class=\"s-break-all s-font-semibold s-transition-all s-duration-200 s-ease-in-out hover:s-underline s-text-highlight dark:s-text-highlight-night hover:s-text-highlight-400 dark:hover:s-text-highlight-400-night active:s-text-highlight-dark dark:active:s-text-highlight-dark-night\" title=\"https:\/\/trustpair.com\/products\/account-validation\/\" href=\"https:\/\/trustpair.com\/products\/account-validation\/\" target=\"_blank\" rel=\"noopener noreferrer\">Vendor account validation<\/a> is the most effective way to prevent all three types of vendor fraud and detect <a class=\"s-break-all s-font-semibold s-transition-all s-duration-200 s-ease-in-out hover:s-underline s-text-highlight dark:s-text-highlight-night hover:s-text-highlight-400 dark:hover:s-text-highlight-400-night active:s-text-highlight-dark dark:active:s-text-highlight-dark-night\" title=\"https:\/\/trustpair.com\/blog\/vendor-fraud-red-flags\/\" href=\"https:\/\/trustpair.com\/blog\/vendor-fraud-red-flags\/\" target=\"_blank\" rel=\"noopener noreferrer\">vendor fraud red flags<\/a> before a payment is ever released.<\/div>\n<div class=\"s-whitespace-pre-wrap s-break-words s-font-normal first:s-pt-0 last:s-pb-0 s-py-1 @md:s-pt-2 @md:s-pb-[10px] @md:s-leading-relaxed s-text-base s-leading-relaxed s-text-foreground dark:s-text-foreground-night\">The process involves cross-checking the details on a supplier invoice against international and domestic databases, verifying:<\/div>\n<ol class=\"s-list-decimal s-pb-2 s-pl-6 s-flex s-flex-col s-gap-1 s-text-foreground dark:s-text-foreground-night s-text-base s-leading-relaxed\">\n<li class=\"s-break-words s-text-foreground dark:s-text-foreground-night s-text-base s-leading-relaxed\"><strong class=\"s-font-semibold s-text-foreground dark:s-text-foreground-night\">Bank account details<\/strong>: account holder name, sort code, and account number<\/li>\n<li class=\"s-break-words s-text-foreground dark:s-text-foreground-night s-text-base s-leading-relaxed\"><strong class=\"s-font-semibold s-text-foreground dark:s-text-foreground-night\">Company identity<\/strong>: registered name, ultimate beneficial ownership, sanctions and watchlist screening<\/li>\n<\/ol>\n<div class=\"s-whitespace-pre-wrap s-break-words s-font-normal first:s-pt-0 last:s-pb-0 s-py-1 @md:s-pt-2 @md:s-pb-[10px] @md:s-leading-relaxed s-text-base s-leading-relaxed s-text-foreground dark:s-text-foreground-night\">By automating this validation across every payment cycle, UK finance teams can confirm they are paying who they believe they are paying, not fraudsters who have intercepted the relationship.<\/div>\n<div><\/div>\n<div class=\"s-whitespace-pre-wrap s-break-words s-font-normal first:s-pt-0 last:s-pb-0 s-py-1 @md:s-pt-2 @md:s-pb-[10px] @md:s-leading-relaxed s-text-base s-leading-relaxed s-text-foreground dark:s-text-foreground-night\">Manual checks are slow, inconsistent, and easily circumvented. Automated vendor account validation removes human error and scales to match the size of your supplier base, whether you have 200 or 200,000 vendors.<\/div>\n<div><\/div>\n<div class=\"s-whitespace-pre-wrap s-break-words s-font-normal first:s-pt-0 last:s-pb-0 s-py-1 @md:s-pt-2 @md:s-pb-[10px] @md:s-leading-relaxed s-text-base s-leading-relaxed s-text-foreground dark:s-text-foreground-night\"><a class=\"s-break-all s-font-semibold s-transition-all s-duration-200 s-ease-in-out hover:s-underline s-text-highlight dark:s-text-highlight-night hover:s-text-highlight-400 dark:hover:s-text-highlight-400-night active:s-text-highlight-dark dark:active:s-text-highlight-dark-night\" title=\"https:\/\/trustpair.com\/demo\/\" href=\"https:\/\/trustpair.com\/demo\/\" target=\"_blank\" rel=\"noopener noreferrer\">Use Trustpair to validate your supplier accounts and protect against vendor fraud.<\/a><\/div>\n<h2 class=\"s-pb-2 s-pt-4 s-heading-xl s-text-foreground dark:s-text-foreground-night\" class=\"s-pb-2 s-pt-4 s-heading-xl s-text-foreground dark:s-text-foreground-night\" id=\"in-summary\">In Summary<\/h2>\n<div class=\"s-whitespace-pre-wrap s-break-words s-font-normal first:s-pt-0 last:s-pb-0 s-py-1 @md:s-pt-2 @md:s-pb-[10px] @md:s-leading-relaxed s-text-base s-leading-relaxed s-text-foreground dark:s-text-foreground-night\">The three most common vendor fraud schemes are:<\/div>\n<ul class=\"s-list-disc s-pb-2 s-pl-6 s-flex s-flex-col s-gap-1 s-text-foreground dark:s-text-foreground-night s-text-base s-leading-relaxed\">\n<li class=\"s-break-words s-text-foreground dark:s-text-foreground-night s-text-base s-leading-relaxed\"><strong class=\"s-font-semibold s-text-foreground dark:s-text-foreground-night\">Phishing\/BEC<\/strong>: fraudsters impersonate suppliers using social engineering, and increasingly AI-generated communications, to divert payments<\/li>\n<li class=\"s-break-words s-text-foreground dark:s-text-foreground-night s-text-base s-leading-relaxed\"><strong class=\"s-font-semibold s-text-foreground dark:s-text-foreground-night\">Employee (internal) fraud<\/strong>: insiders create shell companies or manipulate existing invoices to siphon funds<\/li>\n<li class=\"s-break-words s-text-foreground dark:s-text-foreground-night s-text-base s-leading-relaxed\"><strong class=\"s-font-semibold s-text-foreground dark:s-text-foreground-night\">Invoice fraud<\/strong>: real supplier accounts are compromised to request fraudulent payment detail changes<\/li>\n<\/ul>\n<div class=\"s-whitespace-pre-wrap s-break-words s-font-normal first:s-pt-0 last:s-pb-0 s-py-1 @md:s-pt-2 @md:s-pb-[10px] @md:s-leading-relaxed s-text-base s-leading-relaxed s-text-foreground dark:s-text-foreground-night\">Protect your business by validating supplier accounts against verified databases in real time, before every payment. With Trustpair, you can demonstrate the due diligence required under current UK payment regulations while blocking 100% of fraud attempts.<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Imagine discovering that one of your trusted employees had spent years editing real supplier invoices to redirect payments into their own account. That&#8217;s exactly what happened at Miami University, which lost over $2.3 million to an internal fraudster. Vendor fraud is a severe and growing threat to UK businesses. The Home Office estimates fraud cost [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":14975,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[117],"tags":[],"class_list":["post-14974","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fraud-protection-gb"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Vendor Fraud Schemes: Spotting Them Before It\u2019s Too Late - Trustpair<\/title>\n<meta name=\"description\" content=\"Vendor fraud can lead to significant financial losses. 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