What's Happening?
The National Crime Agency (NCA) and NatWest Bank have initiated a joint campaign to raise awareness about the increasing threat of invoice fraud, a type of cybercrime that significantly impacts businesses financially. Invoice fraud occurs when criminals deceive individuals or companies into paying fake invoices or redirect legitimate payments into fraudulent accounts. This type of fraud often involves impersonating suppliers, intercepting emails, or sending convincing invoices that demand urgent payments. According to Action Fraud, in September 2025 alone, 83 reported victims of invoice fraud suffered an average loss of £47,000 ($65,000) each, totaling nearly £4 million ($5.5 million). The campaign aims to educate businesses and individuals on identifying
and preventing invoice fraud by checking for changes in invoice details, verifying payment requests through previously used phone numbers, and ensuring the accuracy of payment details before transferring money.
Why It's Important?
Invoice fraud poses a significant threat to businesses, potentially leading to severe financial losses and operational disruptions. The impact of such fraud can be devastating, particularly for small businesses that may not have the financial resilience to absorb unexpected losses. By raising awareness and providing practical guidance, the NCA and NatWest aim to equip businesses with the tools needed to protect themselves from these sophisticated scams. The campaign emphasizes the importance of vigilance and verification in financial transactions, which can help prevent fraudsters from exploiting vulnerabilities in payment processes. This initiative is crucial in safeguarding the financial health of businesses and maintaining trust in commercial transactions.
What's Next?
The joint campaign by the NCA and NatWest is expected to continue providing resources and support to businesses to combat invoice fraud. As part of the initiative, businesses are encouraged to adopt a 'Check, Verify, Never' mindset, which involves checking for changes in payment details, independently verifying those changes with trusted contacts, and never transferring money until fully satisfied. The campaign may also lead to increased collaboration between financial institutions and law enforcement agencies to develop more robust fraud detection and prevention strategies. Businesses are likely to implement stricter internal controls and employee training programs to enhance their defenses against such cyber threats.
