This is why changes to banking information should be independently verified using a trusted, previously known communication channel. An email alone should never be treated as sufficient proof, since a single fraudulent payment can have a significant impact on a small business.
Frequently Asked Questions
Should a supplier's banking details be changed based only on email?
Businesses should independently verify the request before making changes.
How can a company verify a banking change?
It can contact the supplier using previously known contact details rather than the contact information contained in the suspicious message.
Can small businesses suffer major losses from this type of fraud?
Yes — a single fraudulent payment can have a significant impact on a small business.