International payment scams are no longer a niche cybercrime problem. They are a daily operational risk for any company sending or receiving cross-border transfers. Criminals are targeting finance teams with precise, well-researched schemes that look exactly like genuine supplier requests, tax payments, or payroll runs.
According to the FBI’s Internet Crime Complaint Center, reported cybercrime losses reached about $16.6 billion in 2024, with business email compromise (BEC) among the most damaging threats for organisations worldwide. (Nacha) In the UK, industry data shows that over £1.17 billion was stolen through unauthorised and authorised fraud in 2024, with international payment scams taking a growing share of authorised push payment (APP) losses. (UK Finance)
If your business relies on cross-border transfers, understanding how international payment scams work is now as important as your FX rate strategy. The good news is that with the right checks, controls, and a specialist FX partner, you can dramatically reduce your exposure.
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Why international payment scams are getting worse
Several trends are converging to make international payment scams more attractive to criminals and more dangerous for corporates:
- Higher volumes of cross-border payments. Global trade, remote work, and international supply chains mean more transfers in more currencies, often to new counterparties.
- More digital interaction and fewer in-person checks. Approvals that once happened in a meeting room now take place via email or chat. Attackers exploit that gap.
- Inconsistent cross-border regulation. Weak points between jurisdictions can be exploited to move criminal proceeds quickly and complicate recovery. (ICBA.org)
- Rising FX volatility. Sharp currency moves encourage faster decision making and “just get it sent today” pressure, which scammers love. (XE)
UK Finance data shows that while domestic APP fraud is starting to fall thanks to tighter rules, international payment scams nearly doubled their share of APP losses in 2024. (The Guardian) In other words, criminals are following the path of least resistance: cross-border transfers.
At the same time, AI is lifting the quality of fraudulent communication. The Financial Times reports a 57% jump in “cloning” scams, where criminals copy legitimate investment firm websites and branding so convincingly that even experienced investors are fooled. (Financial Times)
Put simply, international payment scams are now sophisticated, well-funded, and targeted directly at finance teams.
Types of international payment scams targeting businesses
International payment scams rarely look like crude phishing emails. Most are carefully planned social engineering attacks that mimic genuine business activity.
Business email compromise (BEC) and fake invoices
Business email compromise (BEC) is one of the most damaging forms of cross-border payment fraud. Attackers gain access to a real mailbox (often a finance or senior executive account) or spoof it convincingly, then instruct staff to send funds to a fraudulent account.
Recent analysis shows that BEC remains one of the costliest cyber threats, generating several billion dollars in losses annually. (Proofpoint)
A typical international BEC scam might look like this:
- A “supplier” emails with a legitimate-looking invoice for an overseas shipment.
- The email comes from a domain that is one letter different from the real one or from a compromised address.
- The bank details have been changed to an account in a different country than usual.
- The message pressures the team to send funds the same day to release cargo or avoid penalties.
Because everything looks operationally plausible, teams sign off without realising the instructions are fraudulent.
Supplier bank detail change fraud
This is one of the most common international payment scams, and it exploits process gaps rather than technology.
The attacker:
- Identifies a genuine supplier, often via LinkedIn, social media, or compromised email threads.
- Poses as the supplier’s finance contact.
- Sends a “bank details update” for future invoices, often attaching a forged letter or PDF.
- Waits for the next genuine invoice to be paid into their account.
If your approval process focuses on the invoice amount and purchase order but not the destination bank account, this type of scam can run for months before it is caught.
Authorised push payment scams across borders
Authorised push payment (APP) scams occur when a legitimate user is tricked into authorising a transfer to a criminal account. Because the user “approved” the transfer, recovery and reimbursement can be much more difficult.
UK data shows that APP scams remain a major source of losses, with criminals shifting tactics into fewer but higher-value cases, including international transfers. (UK Finance)
In the cross-border context, this often involves:
- Fake legal or tax demands from overseas authorities.
- Fraudulent “compliance” payments linked to customs or import clearance.
- Investment scams that request large international transfers to platforms that do not really exist.
Fake FX providers and cloned websites
As FX markets become more volatile, criminals are setting up fraudulent “FX providers”, “global payment platforms”, or investment schemes that promise:
- Ultra-tight spreads
- Zero fees
- Guaranteed FX returns
The Financial Times highlights a surge in “cloning” scams, where criminals copy the branding, website design, and even regulatory language of legitimate firms to appear genuine. (Financial Times)
Signs of a cloned or fake FX provider include:
- No clear legal entity details or licence information
- Only a mobile number or web chat as a contact channel
- Pressure to send funds abroad quickly to “lock in” a special rate
- Bank accounts in unrelated jurisdictions with no obvious connection to the service
Once your funds are sent, there is no actual trading or settlement process behind the scenes.
Trade-based and overpayment scams
In trade-based scams, fake suppliers or brokers create complex import or export arrangements, often involving:
- Over-invoicing or under-invoicing of goods
- Shell companies in multiple jurisdictions
- Requests to route funds through several accounts “for operational reasons”
In overpayment scams, a new “client” sends an international transfer that appears larger than expected, then asks for a partial refund to a new account. When the original payment is reversed or discovered as fraudulent, your business is left out of pocket.
Red flags: how to spot international payment scams early
While scammers are getting sharper, most international payment scams still leave clues. Train your finance and treasury teams to pause when they see any of the following:
- Last-minute changes to bank details
- New IBAN or SWIFT code for an existing supplier
- Beneficiary bank in a higher-risk jurisdiction than normal
- Change instructions received only by email, not via your usual channel
- Unusual urgency or pressure
- “This has to be sent in the next hour or the shipment will be held”
- “Senior management already approved this, just process it”
- Repeated chasers that escalate in tone
- Breaks from normal process
- Requests to bypass your usual approval workflow
- One-off international payments outside contracted terms
- Payments requested to personal accounts or newly created entities
- Inconsistent communication
- Slightly altered domains (e.g.,
.coinstead of.com) - New contacts claiming to work for long-standing partners
- Poorly timed emails that do not match the counterparty’s time zone
- Slightly altered domains (e.g.,
- Bank details that do not match the narrative
- A “French” supplier with a beneficiary account in a completely different region
- A “US” vendor that always uses consumer accounts rather than corporate accounts
- Suspicious FX or fee claims
- Promises of “guaranteed” FX profits
- Claims that a large cross-border transfer must be sent to a third-party account “to access a better rate”
A simple rule that works well:
If anything about an international payment feels different from usual, treat it as a potential scam until proven otherwise.
Controls to prevent international payment scams in your finance team
Technology alone cannot fix international payment scams. You need simple, disciplined controls that your team can apply under pressure.
1. Enforce call-back verification for changes
Any change to beneficiary details for international payments should require a call-back using validated contact information already on file, not a number in the email.
- Use dual verification: one person calls, another listens in or confirms.
- Log and document every change, including who approved and how it was verified.
2. Apply the four-eyes principle
No single person should be able to create and approve an international payment. At a minimum:
- One user sets up or amends beneficiary details.
- A second user independently reviews and approves.
- Larger transfers trigger an additional senior approval.
3. Lock down templates and whitelists
- Use approved beneficiary lists for regular suppliers.
- Restrict who can add or edit beneficiaries.
- Apply strict limits and extra checks on “free format” international payments to new recipients.
4. Integrate your ERP and payment platform
Rekeying data from invoices into banking portals is where both human error and fraud thrive. Integrating your ERP or treasury system with a secure FX platform reduces manual steps and creates a clearer audit trail.
This is exactly where working with a specialist provider such as Kazzius Capital can help, since API integration and controlled user roles are designed into the payments workflow from the start.
5. Use strong authentication and access controls
- Enforce multi-factor authentication (MFA) for all users.
- Limit access by role, country, and payment limit.
- Review user rights regularly, especially after role changes or staff departures.
6. Monitor by corridor, counterparty, and user
Do not just monitor total volumes. Look specifically for:
- New corridors with large values (for example, first-time transfers to a high-risk region).
- Sudden spikes in payments to one supplier.
- Out-of-hours activity by specific users.
Leading networks such as Swift are already using AI pilots to detect anomalous cross-border payments in real time, highlighting how effective pattern-based controls can be. (Swift)
How a specialist FX partner reduces your exposure
Traditional banks focus on processing very large volumes of payments, which can limit the level of proactive support they provide on individual international payment scams. A specialist FX and payments partner has a different focus.
Here is how a provider like Kazzius Capital can reduce risk while improving efficiency:
1. Purpose-built cross-border payment workflows
Modern FX platforms are designed around international transfers from the ground up. That means:
- Multi-user approval chains tailored to your finance structure
- Strict segregation between who can create, approve, and release payments
- Support for complex settlement (multiple currencies, partial payments, staged releases)
2. Named collection accounts and segregated client funds
Instead of routing receipts through generic omnibus accounts, you can use named collection accounts in key currencies, often with local account details.
Benefits include:
- Easier reconciliation and audit tracking
- Less excuse for suppliers to ask for “alternative” bank details
- Clearer visibility of incoming and outgoing flows
Funds can also be held in segregated client accounts, which keeps client balances separate from the provider’s own operating funds and supports robust safeguarding.
3. Advanced verification and screening
A specialist FX partner typically combines:
- Sanctions and watchlist screening
- Beneficiary name and account checks
- Corridor-based risk rules and velocity checks
Transactions that break normal patterns can be flagged or paused for review instead of being processed automatically.
4. Real-time visibility and alerts
You should be able to:
- See the status of every cross-border payment in real time
- Receive alerts for large or unusual transfers
- Access detailed audit logs for all user actions
This visibility makes it much easier to spot international payment scams quickly and act while there is still a chance to recall funds.
5. Genuine human support
International payment scams are stressful. When something looks wrong, you do not want to fight through a call centre menu.
Working with a partner like Kazzius Capital means access to real specialists who understand:
- How to escalate to correspondent banks
- What information you need to gather to support a recall or fraud report
- How to adjust your FX and payment processes after an incident
To see how a specialist platform can support your cross-border flows, explore the services at Kazzius Capital.
What to do if you suspect an international payment scam
When an international payment scam is suspected, minutes really matter. The first 24 hours are critical for any chance of recovery.
Use this step-by-step plan.
Step 1: Freeze activity and gather information
- Pause all related payments and approvals immediately.
- Capture key details: payment reference, timestamps, beneficiaries, internal approvers, and attached documents.
- Take screenshots before any systems are updated.
Step 2: Contact your bank or FX provider straight away
- Call their dedicated fraud or operations line.
- Provide full details and request an urgent trace or recall.
- Ask for written confirmation of the steps they will take and reference numbers for all investigations.
If you are working with a specialist FX partner such as Kazzius Capital, their operations team can coordinate directly with counterparties and correspondents while you focus on internal containment.
Step 3: Notify internal stakeholders
- Inform your CFO, Treasurer, Head of Compliance, and IT security team.
- Lock the compromised user accounts or devices if email or system access has been breached.
- Preserve email headers and server logs for later analysis.
Step 4: Report to the relevant authorities
Depending on your jurisdiction and sector, this may include:
- National fraud or cybercrime reporting centres (for example, IC3 in the United States). (Nacha)
- Local police or specialised economic crime units.
- Sector regulators, where required.
Timely reporting not only improves your prospects of recovery but also demonstrates that your organisation takes its obligations seriously.
Step 5: Communicate with affected partners
If the scam involves a supplier, customer, or investor:
- Inform them as soon as possible.
- Clarify that they should treat any further payment instructions with caution until new confirmation is issued.
- Coordinate on recovery, especially if their accounts have been used as part of the fraud.
Step 6: Run an internal post-incident review
Once the urgent steps are complete, review:
- Which controls failed or were bypassed
- Whether user training gaps played a role
- Where process changes and platform rules can be tightened
Your FX and payments partner should be part of this review and help implement practical changes quickly.
Building a long-term anti-fraud strategy
Avoiding international payment scams is not a one-off project. It is a continuous discipline that should sit alongside FX risk management, liquidity planning, and treasury policy.
Key elements of a long-term strategy include:
1. Regular staff training
- Run short, focused sessions for finance, procurement, and senior management.
- Use real examples of international payment scams, especially in your sector.
- Test staff with simulated BEC or fake supplier emails and share learnings.
2. Supplier and customer due diligence
- Verify corporate registration, directors, and trading history before agreeing to large transfers.
- Check that bank accounts are consistent with the jurisdiction and business type.
- For higher-risk corridors, use enhanced due diligence and tighter limits.
3. Clear, documented payment policies
Your policy should define:
- Who can approve which types of payments and at what limits
- When call-backs or secondary approvals are mandatory
- Which corridors or counterparties require escalation
4. Data-driven monitoring and periodic reviews
- Review incident logs, near misses, and blocked attempts quarterly.
- Analyse patterns by corridor, supplier, and internal user.
- Adjust your FX and payment platform rules as scams evolve.
Reports from global fraud and payments surveys show that merchants and corporates who invest in ongoing fraud management have significantly better outcomes than those who treat it as a one-off upgrade. (merchantriskcouncil.org)
5. Collaboration across banks, FX partners, and regulators
Industry bodies and infrastructure providers like Swift, as well as national regulators, are calling for closer collaboration across sectors to tackle APP and cross-border fraud. (Swift)
Partnering with a specialist FX provider that is actively engaged in industry discussions and modern fraud controls helps you stay aligned with best practice rather than reacting late.
To keep up with market and regulatory developments that affect FX, cross-border transfers, and fraud, you can follow insights from Kazzius Capital’s News & Insights.
How Kazzius Capital helps protect your cross-border payments
Kazzius Capital is built for businesses that demand both competitive FX execution and serious protection around their cross-border transfers. While every client setup is tailored, a typical configuration to reduce international payment scams can include:
- Named collection accounts in key currencies, so counterparties always pay to consistent, verified details.
- Segregated client accounts to safeguard balances and support clear reconciliation.
- Role-based access and multi-level approvals for all international payments.
- API integration with your ERP or treasury system to minimise manual input and reduce exposure to email-based fraud.
- Real-time status tracking for outgoing and incoming transfers.
- Specialist support from a team that understands FX, payments, and fraud patterns.
If you want to:
- Cut unnecessary FX costs,
- Tighten controls around international payment scams, and
- Give your team a platform that supports both,
then it is worth speaking with a specialist rather than relying solely on legacy banking portals.
👉 To review your current cross-border setup and fraud exposure, speak to a Kazzius Capital specialist and outline your payment flows, FX volumes, and key corridors.
👉 To understand how a modern FX and payments partner can support your wider growth plans, explore the core services at Kazzius Capital.
👉 To stay informed about FX volatility, regulation, and fraud trends that affect your international transfers, follow Kazzius Capital’s latest analysis.
For broader context on FX volatility and how it affects cross-border activity, you can also refer to independent resources such as XE’s global currency outlooks, which highlight the market shifts that create both risk and opportunity for international businesses. (XE)
A clear process, a well-trained team, and the right FX partner give you a strong defence against international payment scams, so your organisation can focus on real growth rather than damage control.