Businesses can be vulnerable to fraud attempts because scammers often target routine processes, rely on employees being busy, and exploit trust to gain access to money or sensitive information. No matter the size of the organization, fraudsters look for opportunities to take advantage of gaps in security and verification procedures.

If your business uses an automated funds transfer (AFT) system, scammers may try to impersonate employees, vendors or suppliers, requesting changes to banking information, or use phishing emails to trick employees into redirecting payments to fraudulent accounts. When dealing with vendors and suppliers, it is important to Always Confirm Account Numbers. Any time you add or update account numbers in your system, be sure to verify the information by phone with a known and trusted contact. Email is not a secure medium, as scammers frequently alter account details on invoices or pose as legitimate contacts to redirect funds.

Below are scenarios where fraud attempts on businesses can occur, along with actions to stay protected.

NEW SUPPLIERS OR INVOICES
Fraud Trend: Scammers are creating fake email addresses and invoices that appear to come from legitimate companies. These emails often request payment to a fraudulent account, relying on the trust in a known business name.
Recommended Action: Verify all new suppliers and any first‑time invoices by calling a trusted contact at the company. Do not rely solely on email provided information.

PAYROLL UPDATE REQUESTS
Fraud Trend: Individuals’ email accounts are being compromised, and employers may receive fraudulent payroll change requests directing pay to a new account.
Recommended Action: Confirm all payroll change requests directly with the employee, preferably in person or by phone.

CHANGES TO EXISTING ACCOUNTS
Fraud Trend: Even when dealing with established suppliers or employees, scammers may intercept communications and send 'updated' account details.
Recommended Action: Treat any change to existing payment or payroll accounts as high-risk and verify by phone with a known contact.

WHAT’S ALREADY SAFE
Accounts and contacts you have paid successfully in the past can generally be considered verified.  However, remain cautious about any new additions or updates to existing information.

WHY THIS MATTERS 
While these steps may feel burdensome, the consequences of fraud are serious:

• An employee may miss a pay cheque, risking missed mortgage, vehicle, or insurance payments, or difficulty buying essentials.  
• A payment sent to a fraudulent account is often unrecoverable, and businesses may absorb the full financial loss.  
• Fraud impacts your reputation—late payments to suppliers and payroll issues can damage trust and satisfaction.

Preventing fraud protects both your finances and your business relationships. Learn more about what fraud attempts are affecting businesses in Canada: Frauds affecting businesses