Protecting Your Business from Wire and Payment Fraud

Wire and payment fraud is on the rise—and businesses of all sizes are being targeted. The right safeguards can help you stay protected without slowing down your day-to-day operations.

Understand the risk

Payment fraud isn’t just a large-company problem. From checks to ACH to wire transfers, criminals are constantly looking for ways to redirect funds. And once a fraudulent wire is sent, it can be difficult to recover.

Beyond financial loss, fraud can disrupt your cash flow, strain vendor relationships and damage your reputation.

Know the signs of wire fraud

Most wire fraud scams rely on impersonation and urgency. A fraudster may pose as a vendor, colleague or executive and request a quick payment or a change to payment instructions.

Be alert for:

• Last-minute changes to payment details
• Requests that feel urgent, confidential or unusual
• Payment amounts that don’t match typical activity
• Email addresses with subtle misspellings

Put practical controls in place

A few simple steps can significantly reduce your risk:

• Verify all payment changes using a trusted phone number or known contact
• Use dual approval for wires and large transactions
• Establish clear procedures for initiating and approving payments
• Pause and confirm when something doesn’t feel right

These controls create natural checkpoints that help prevent fraud before funds leave your account.

Strengthen your overall payment strategy

Fraud prevention goes beyond wires. Consider:

• Limiting paper checks, which are a common target
• Setting approval thresholds for higher-value or unusual payments
• Monitoring accounts regularly for unexpected activity

Train your team

Your employees play a critical role in fraud prevention. Regular training helps them:

• Recognize phishing emails and suspicious requests
• Follow verification procedures consistently
• Speak up when something seems off

Use the right technology

Smart tools can make your business a harder target:

• Multifactor authentication for online banking
• Secure, encrypted payment platforms
• Strong password practices
• Fraud monitoring and alert systems

Act quickly if you suspect fraud

If you notice suspicious activity or believe a payment has been compromised, contact your bank immediately. Quick action can make a difference.

Partner with your bank

You don’t have to manage fraud risk alone. Atlantic Union Bank can help you evaluate your processes, strengthen controls and implement solutions designed for your business.

Take the next step

Connect with your Atlantic Union Bank Relationship Manager to review your payment processes and explore fraud prevention tools that fit your business.