After SVB: beware of “new bank details”
Bank news creates the perfect cover for invoice fraud. One rule stops it.
Silicon Valley Bank collapsed on Friday, and thousands of companies are moving money to new banks. Criminals love moments like this. An email saying “we’ve moved banks, please pay to this new account” looks completely normal this week.
It’s the oldest invoice fraud there is, and right now it has the perfect story.
One rule stops it: bank details never change by email.
- Any request to change a supplier’s account gets confirmed by phone, on a number you already had, not one in the email.
- The person who confirms is not the person who received the request.
- Watch the first payment to new details. Send a small amount first if the supplier agrees.
- Be careful with new domains that look like your supplier or bank, and with links to “update your banking”.
If you’re the one changing banks, tell your customers how you’ll announce it, and that you’ll never ask them to change details by email alone.