Bravera Bank
Businesses of all sizes need to stay vigilant when it comes to fraud. Businesses should understand the various types of scams and associated characteristics along with the red flags to look for. Scammers’ tricks change and evolve daily but there are common techniques that are used numerous times.
Vendor Impersonation Fraud
- A fraudster monitors a business, public sector agency or organization for publicly available contractor or vendor information.
- The fraudster poses as a legitimate vendor or contractor to request updates or changes to payment information or change of payment method.
- The fraudster then sends an email, form, or letter resulting in the business or agency transferring funds to an account controlled by the fraudster or a money mule.
According to the 2025 Association for Financial Professionals Payments Fraud and Control Survey Report, 79% of organizations were targets of either attempted or actual fraud activity in 2024. As financial threats continue to evolve, staying informed is one of the most effective ways to protect your business.
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