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Are you noticing a trend so far this week? These tips are going to help protect you and your business. Pay attention!
Many business owners trust their vendors completely, and most vendors absolutely deserve that trust. But fraudsters know this and they impersonate vendors because they know you’ll hurry to pay a familiar name. They send invoices that look real, they spoof email addresses that look legitimate and they copy logos, signatures, and past invoice formats. And if no one checks closely… money goes out the door to someone who earns nothing for your business. AI is getting very good at mirroring your vendors, be careful.
These scams work because they blend into routine. They strike when teams are busy and not paying full attention. A few minutes of oversight can save thousands of dollars. Here are simple steps to protect your business before scammers get in. Ever had an attempt during the m/e close process? You’re busy and have to close the books….then a fire drill happens.
Verify banking changes through a phone call
If a vendor emails you updated routing or account details, always verify by calling your known contact — not the number on the email. Most vendor payment fraud happens because someone changes banking details unnoticed. One quick call can save a huge financial headache.Check for invoice details that do not match history
Scammers often copy old invoices, but small things give them away. Amount slightly different? Formatting off? New remittance instructions? If something feels different, slow down. Confirm before sending cash anywhere.Enforce dual approvals for all new vendor setups
Adding a vendor or changing supplier records should never be a one-person process. Two sets of eyes reduce risk and force the team to double-check legitimacy. Fraudsters succeed when one person is rushed.
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Only pay vendors recorded in your system
Random invoices that show up without a matching PO, contract, or history should trigger an immediate stop. If the system doesn’t show a relationship, the payment shouldn’t go out.Educate your team on common scam tactics
Finance is not the only department at risk. Scammers often start with someone in operations or sales who doesn’t think about payment risk. A 10-minute training keeps everyone alert and aligned.
Vendor fraud is preventable, but only when you assume it could happen. Small and veteran-owned businesses run lean and move fast, which makes them attractive targets. Strengthen controls now so your cash only goes to the partners who actually earn it.
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