A fraudulent payment is usually a process failure before it's a technology failure. Most UK business bank accounts include controls that make the common frauds much harder, but they're often off by default.
Confirmation of Payee
When you set up a new payee, the bank checks that the account name matches the account number and sort code, and warns you if it doesn't. A "no match" on a supplier's "new" bank details is the fraud alarm. Don't override it without a phone call.
Dual authorisation
Payments above a threshold need a second person to approve them in the banking app. It removes the single point of failure and gives a second pair of eyes to every large transfer.
Limits and alerts
Daily payment limits, new-payee cooling-off periods and instant alerts on payments over a set amount all buy time to spot a problem.
Cheques
If the practice still writes cheques, ask the bank what checks it applies to them and how quickly you'd need to respond to a query. A stolen cheque can be altered and paid before anyone notices.
Ask your bank which of these your account supports. If you'd like us to review how payment approvals work alongside your email security, we're happy to.
Want a hand with this? Talk to us.