---
title: "Payment fraud management: How to protect your international payments"
description: Learn how to protect your international payments from fraud. Covers common scams, prevention strategies, and verification best practices.
image: https://blog.ibanfirst.com/hubfs/Detecting-and-protecting.jpg
---
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 6 min read
# Payment fraud management: How to protect your international payments
[Blog](https://blog.ibanfirst.com/en) 
[Cross-border payments](https://blog.ibanfirst.com/en/tag/cross-border-payments#topics-list)
Publication date
12 March 2025
Jump straight to
- [Why do international payments attract fraudsters?](https://blog.ibanfirst.com/en/fraud-prevention-international-payments#why)
- [What are the common types of international payment fraud?](https://blog.ibanfirst.com/en/fraud-prevention-international-payments#common)
- [What can you do to prevent international payment fraud?](https://blog.ibanfirst.com/en/fraud-prevention-international-payments#prevent)
- [Protect your international payments with iBanFirst](https://blog.ibanfirst.com/en/fraud-prevention-international-payments#protect)
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Publication date
12 March 2025
International payments are a core part of managing supply chains and operations — but they also create exposure to fraud.
And that exposure is growing. According to UK Finance, APP fraud losses alone[reached £459.7 million in 2023](https://www.ukfinance.org.uk/news-and-insight/press-release/fraud-remains-major-problem-over-ps1-billion-stolen-criminals-in), with businesses making cross-border payments facing additional complexity that fraudsters actively exploit.
The problem hits small and medium-sized businesses particularly hard. When you're making large international payments to suppliers, a single instance of fraud can disrupt cash flow and strain day-to-day operations in ways that larger companies can absorb more easily.
In this guide, you'll learn why international payments attract fraudsters, the most common fraud methods to watch for, and practical steps to protect your business.
## **Why do international payments attract fraudsters?**
Every payment carries a bit of risk, but international payments ramp things up with an extra layer of complexity. And as you might have guessed, greater complexity equals greater risk. So, what exactly makes international payments a sweet spot for fraudsters?
### **Lack of uniform regulations**
Different countries and jurisdictions have different rules governing international payments. This lack of consistency and uniformity makes it more challenging for financial teams to prevent and identify fraud.
### **Payment processing complexity**
[Cross-border payments](https://blog.ibanfirst.com/en/cross-border-payments) often involve multiple parties, multiple steps, and multiple currencies. Each of these touchpoints has vulnerabilities that criminals can exploit to their advantage.
### **Rapidly changing technology**
Payment processing and security technology are constantly evolving. Technologies and protocols used in one country may not be in place in another, and financial teams are not always aware of the latest developments. Scammers are experts at identifying weaknesses and disparities in payment technologies to perpetrate payment fraud.
## **What are the common types of international payment fraud?**
While some fraud schemes use sophisticated technology, the most common rely on simple deception. Awareness is your first line of defence.
### Business email compromise (BEC)
One of the most common tricks in the book is called BEC (business email compromise). Here's how it plays out: the crafty criminal gathers intel about the business's vendor or supplier relationship — just enough to impersonate a trusted contact. Then, they cleverly send an email that looks like it's from the supplier, providing new banking details for future payments. The unsuspecting accounting department makes the changes, and before you know it, the scammer's sitting pretty with the amounts diverted into their account.
This type of fraud is closely related to phishing. In a classic phishing scheme, the perpetrator pretends to be a supplier, sending an email to the business, requesting bank details or login credentials under the pretence of [tracking a payment](https://ibanfirst.com/platform/international-payment-tracking?__hstc=45788219.2f672d5f0e00ec3062e9a550fa1e47a6.1695991930784.1695991930784.1695991930784.1&__hssc=45788219.1.1695991930784&__hsfp=1976953477), for example. Once they've got the info, they're off to siphon money right out of the business's account.
### Fake invoice fraud
As the name implies, this type of scam involves a criminal creating a fraudulent invoice for goods or services that were never ordered or received. Sneaky, right? The worst part is these fraudsters are pros at making their fraudulent invoices look legit, making it quite challenging to detect.
Here's how they pull it off in one of the most common tactics: they clone the appearance of an actual invoice from a trusted supplier and then slyly tweak the payment address or bank account information. The payment team processes the payment, trusting the details on the invoice, and voilà, the scammer walks away with the money.
Even big names like Facebook and Google aren't immune to this deception. Remember when a clever criminal posed as an employee of Quanta Computer, a major vendor they both worked with? Over the course of two years, this fraudster slipped in hundreds of fake invoices, racking up a staggering $120 million before getting caught.
Here's a reality check: if it can happen to major companies with cutting-edge tech, it can certainly happen to a business like yours. It's in your best interest to keep your guard up.
Now, here's a word of caution: scammers always search for information to make their fraud seem legitimate. And guess where they often find it? Your business's public website and even employee social media accounts. Those seemingly harmless details, like testimonials or supply chain reports you proudly share to demonstrate ESG credentials, can be the very tools these cunning criminals exploit for a fraudulent payday.
### CEO fraud and identity fraud
CEO fraud is a crafty social engineering scheme where a fraudster plays the role of the CEO or another top executive, asking for an urgent payment. The criminal leverages publicly available details, often through the CEO's social channels, to create an all too convincing request.
Let's look at a real-life example:
Not too long ago, a cunning criminal came across a social post about the CEO's visit to a major overseas supplier. Using those specific details, the scammer convinced the company's treasurer to make a high-value payment. Their pretext? The CEO apparently struck a major deal for a massive volume of raw materials during the overseas visit. Sneaky, huh?
Here's the thing about CEO fraud:
It often boils down to the corporate culture. When a request seems to come straight from the top, employees often hesitate to follow standard internal controls and verification processes. Instead, they're more likely to comply with the request without question. Regular training and compliance checks are the secret weapons against this type of fraud.
### Malware and AI-powered cybercrime
Cybercrime isn't limited to payment fraud, but it's increasingly used to compromise payment systems or steal supplier and customer data. The traditional approach involves emails with malicious attachments that, once opened, give criminals access to payment systems — often paired with DDoS attacks to create chaos while funds are transferred.
But artificial intelligence is changing the game. Deepfake audio can now convincingly mimic a CEO's voice for fraudulent payment requests, and AI-generated emails lack the spelling and grammar errors that once served as red flags.
**Fraud detection is getting harder when the fakes look and sound authentic.**
Financial consequences can be devastating, but reputational damage often lingers longer — especially when sensitive customer information is breached. Strong[authentication](https://blog.ibanfirst.com/en/why-strong-customer-authentication-sca-matters) controls and verification processes are your primary defence.
### APP fraud (Authorised Push Payment)
APP fraud occurs when a fraudster tricks you into authorising a payment to an account they control. Unlike card fraud, you've technically approved the transaction — which makes recovery difficult and often impossible.
That[£459.7 million figure](https://www.ukfinance.org.uk/news-and-insight/press-release/fraud-remains-major-problem-over-ps1-billion-stolen-criminals-in) from UK Finance? That was APP fraud alone — just in 2023 — and it's one of the fastest-growing fraud types in Europe.
Common scenarios include fake suppliers requesting "updated" bank details, fraudulent investment opportunities, and impersonation of trusted parties like solicitors or accountants.
What makes APP fraud dangerous is that traditional fraud controls don't catch it — the payment looks legitimate because you authorised it. Payment fraud prevention relies on verification: confirming details through a separate, trusted channel before sending funds.[Real-time payment tracking](https://blog.ibanfirst.com/en/track-international-payment) also helps you verify status and catch fraudulent activities before they're irreversible.
## **What can you do to prevent international payment fraud?**
Now that you understand common fraud methods, here are some of the practical steps to protect your business. While external partners can help strengthen your defences, internal processes and awareness form the foundation of fraud prevention.
### Perform risk assessments on a regular basis
To stay ahead of the game, start by regularly assessing all the moving parts involved in transferring funds — your people, processes, and technology.
On the people side, check that employees are well-versed in payment fraud and security protocols. If there are gaps in knowledge or standard procedures, arrange training to get everyone up to speed.
But training alone isn't enough — you also need to audit your payment processes to ensure proper checks and balances are in place, with clear roles and responsibilities across the team.
Finally, review your IT and communication security protocols. Tightening these up reduces the risk of hacking, malware, and cybercrime sneaking in through the back door.
### Standardise fraud prevention processes
Internal controls only work when they're consistent. Ad-hoc verification or informal approval chains leave gaps that fraudsters can exploit — especially in busy periods when teams are tempted to cut corners.
Here are three processes that tackle the most common types of payment fraud:
- **Embrace the "four-eyes" principle.** Require approval from two individuals before any international payment goes through. That extra layer of scrutiny catches fishy activity before it's too late.
- **Verify changes by phone.** Whenever there's a change to a supplier's account details, confirm it by phone before updating your accounting and payment systems. It's simple, but it stops unauthorised alterations from slipping through.
- **Set clear escalation channels.** Document trusted routes for flagging unusual situations, and log any incidents or near-misses to use in future training.
The common thread? Verification at every step. When processes are standardised, there's no room for social engineering to exploit.
### Train your team on fraud awareness
New employees should go through initial training to get familiar with common payment fraud methods and your organisation's procedures. But fraud prevention is too complex and ever-evolving to "set it and forget it."
Schedule regular educational sessions to keep your teams informed about changing regulations and technologies. Share updates on processes and new fraud techniques as they emerge — the goal is to eliminate surprises before they become expensive lessons.
### Choose a trusted payment partner
Partnering with a trusted payment provider adds a layer of protection that complements your internal controls. When evaluating providers, look for regulatory licensing and compliance infrastructure (SEPA certification, SWIFT membership), enterprise-grade encryption, and transparent payment processes that support verification.
Real-time monitoring is particularly valuable for fraud prevention. When you can see exactly where a payment is in the process, you can verify details and catch anomalies before funds are irreversibly transferred.
A provider offering clear visibility into payment status — rather than the "black box" experience of[correspondent banking](https://blog.ibanfirst.com/en/cross-border-payments-common-mistakes) — supports your internal fraud detection efforts.
## Protect your international payments with iBanFirst
iBanFirst is[licensed, regulated, SEPA-certified, and a member of SWIFT](https://ibanfirst.com/platform/security). Your funds and data are protected by enterprise-grade encryption and security controls, while real-time payment tracking lets you verify payment status at every stage.
With iBanFirst, you can:
- [Verify beneficiary details](https://support.ibanfirst.com/en/articles/23204-preventing-beneficiary-fraud) before funds leave your account
- [Track international payments](https://blog.ibanfirst.com/en/track-international-payment) in real-time from initiation through settlement
- [Execute cross-border payments](https://ibanfirst.com/platform/cross-border-payments) to 135+ countries with transparent pricing
- [Protect your account](https://support.ibanfirst.com/en/articles/23254-protecting-your-account-against-breaches-and-fraud) with enterprise-grade security controls
Ready to see how it works for yourself?[Request an account](https://info.ibanfirst.com/en/request-an-account) or explore an[interactive product tour](https://ibanfirst.com/product-tour) to see iBanFirst in action.
Recommended reading:[How iBanFirst keeps your funds safe](https://ibanfirst.com/platform/security)
**Topics**
[Cross-border payments](https://blog.ibanfirst.com/en/tag/cross-border-payments#topics-list)
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### [AI-enabled payment fraud: how businesses can spot and stop new phishing attacks](https://blog.ibanfirst.com/en/ai-enabled-fraud)
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