£101 million lost. One simple verification could stop it.

The latest warning from the City of London Police highlights the continuing threat of Payment Diversion Fraud, with victims reporting losses of more than £101 million during 2025/26. Criminals are exploiting trust, compromised email accounts, impersonation, and increasingly AI-enabled techniques to redirect payments into fraudulent accounts.

What stands out is that many of these attacks do not involve sophisticated hacking. They often succeed because someone receives what appears to be a legitimate request to change bank details and acts without independently verifying it. Invoice fraud remains the most commonly reported form of payment diversion fraud.

In a world of AI-generated emails, cloned voices and convincing impersonations, organisations cannot rely on appearance alone. Robust controls, segregation of duties, supplier verification procedures and a culture that encourages colleagues to challenge unusual requests are more important than ever.

Trust is essential in business. Verification is equally essential.