Does Verification of Payee or Confirmation of Payee stop this fraud?

The wider picture

The key points from the guide this answer comes from:

1. A message saying a supplier's bank details have changed is the classic route to invoice fraud. Treat every change as unverified until you've confirmed it by phone, on a number you already had.
2. Business email compromise cost victims who reported to the FBI $3.05 billion in 2025. In the UK, invoice and mandate scams cost £41.3 million, 68% of it from business accounts.
3. UK reimbursement rules for push payment scams cover individuals, micro-enterprises and charities, not larger companies, so most businesses carry the loss themselves.
4. If you've paid a fraudster, call your bank at once and ask it to recall the payment. Speed matters: in 2025 the FBI's Recovery Asset Team helped freeze 58% of the money in the cases it handled.

More questions on this

• What's the safest way to confirm new bank details?
• Will my bank refund me if I'm tricked into paying a fraudster?
• Does the same apply to crypto wallet addresses?
• Who should I report the fraud to?

The full guide

Don't pay a supplier's new account until you've confirmed the change by phone, on a number you already had. If you've already paid a fraudster, call your bank at once and ask it to recall the payment: recovery depends on speed.

Read Supplier says its bank details have changed? How to check before you pay, with its sources.

General information, not legal, tax or financial advice. Rules and providers' terms change; check the sources in the guide and take advice on your own situation.