Email can start a payment-change conversation, but it should never be the only proof that new bank details are genuine. For finance firms, accounting practices, insurers and wealth advisers, one convincing message can put client funds, supplier payments and hard-earned trust at risk.
At CorIT Tech, we see cybersecurity for finance companies as more than blocking threats. It is about giving your people clear, repeatable ways to make safe decisions when an email looks normal, sounds urgent and arrives at the worst possible time.
Finance organisations handle high-value transactions and confidential information every day. That makes you a natural target for criminals who want to redirect a payment without needing to break into your banking system.
A request may appear to come from a regular supplier, a client, a director or a colleague. It may use a familiar signature, refer to a genuine invoice, or ask for discretion because of a “sensitive” change. Often, the message pressures staff to act quickly before an upcoming payment run.
The central rule is simple: email can notify you that a bank account or payment instruction may have changed, but it cannot confirm that the change is legitimate. A payment update needs verification through a separate, trusted channel before anyone changes a record or releases funds.
Why Payment Change Emails Are so Easy to Fake
Criminals have several ways to make a fraudulent request look believable. Sometimes they gain access to a real Microsoft 365 mailbox and reply within an existing email conversation. In other cases, they register a lookalike domain, copy a supplier’s email signature, or use a familiar display name while sending from a different address.
Before sending their request, attackers may study public information, past messages or compromised inboxes. They look for supplier relationships, invoice timing, internal roles and approval habits. Then they wait for a busy moment, such as month-end, payroll processing or an urgent client transaction.
That timing matters. A well-written email can slip past a cautious employee when the process is unclear or when one person feels responsible for keeping payments moving.
We recommend training staff to pause when they notice signs such as:
- A sudden change to payment details
- Urgent language, secrecy or pressure to bypass normal checks
- Slightly unusual wording or a changed communication style
- A reply that comes from a different address or domain
- A request to use contact details included only in the email
Cybersecurity for finance companies must account for human judgement as well as technical controls. The best technology in the world cannot protect a payment process that tells staff to trust an email at face value.
Verify Changes Outside the Email Thread
Every finance team needs a written out-of-band verification process. In plain terms, this means confirming a payment change somewhere other than the email thread where the request arrived.
If a supplier asks you to update their bank details, staff should call a known contact using a phone number already held in your records or found through an independently trusted source. They should not use the number supplied in the request. The same approach applies to client payment instructions and internal requests that affect bank accounts.
Dual approval adds another layer of protection. One employee may receive an invoice and prepare a payment, but a separate authorised person should review the bank-account change and approve the release of funds. This reduces the chance that one compromised account, or one honest mistake, leads directly to a loss.
Consider a common New Zealand scenario. Shortly before the Christmas shutdown, an accounts team receives a bank-change request from a regular supplier. Invoices are piling up, staff leave has started, and the team wants everything paid before the office closes. That is exactly when a documented process matters most. The request can wait until it has been independently confirmed.
Build Security Into Financial Workflows
Safe payment handling should not rely on memory alone. We recommend building controls into the systems and workflows your team uses each day.
Microsoft 365 identity protection, multi-factor authentication, conditional access, email filtering and monitoring for suspicious sign-in activity can make account compromise harder and help you spot warning signs sooner. These controls do not replace verification, but they help reduce the opportunities criminals have to impersonate staff, suppliers and clients.
Role-based access is equally important. Staff should only be able to view or change financial records needed for their responsibilities. Limiting access reduces the impact of a compromised account and helps prevent accidental changes to sensitive payment information.
A sound approach should include:
- Multi-factor authentication for all accounts with financial access
- Clear separation between payment preparation and approval
- Restricted access to supplier and client bank details
- Email security controls that flag suspicious messages
- Regular training based on realistic payment-fraud examples
Security awareness training works best when it reflects the decisions your people actually face. Rather than treating training as a once-a-year task, we encourage regular reminders about urgency tactics, altered details and unexpected changes in communication.
Strengthen Controls Before the Summer Shutdown
November is a sensible time for finance leaders to review payment controls. The New Zealand summer holiday period can bring year-end payments, contractor invoices, reduced staffing and hurried approvals before offices close. Small gaps in process become easier to miss when key people are away.
Before the busy period begins, we suggest reviewing approval limits, escalation contacts and supplier records. Confirm who can verify a change if the usual contact is on leave, and make sure staff know when they must stop a payment and ask for support.
It is also wise to test your response plan for suspected payment fraud. Your team should understand:
- Who contacts the bank if a payment has been sent
- How emails, invoices and other evidence are preserved
- When internal leaders and insurers may need to be notified
- How suppliers or clients are informed if appropriate
- Who manages communications while the issue is investigated
A fast, calm response can make a difficult situation easier to manage. Confusion, on the other hand, can cost valuable time when every minute matters.
Turn Payment Verification Into a Daily Discipline
Email remains useful for sharing invoices, payment notices and change requests. We are not suggesting you remove it from financial communications. Instead, treat it as an untrusted notification channel, not proof that a banking change is real.
Leaders should document a clear payment-change policy, train every relevant employee and check that it is followed during busy periods, not only when things are quiet. A security-first review of Microsoft 365 settings, identity controls, payment workflows and incident readiness can also reveal where risk is hiding.
Strong verification protects more than money. It helps safeguard client trust, supports your compliance responsibilities and gives your team greater confidence in every payment decision.
Build Stronger Payment Security Controls
Our team can help you assess the people, processes and technology behind payment change verification. Learn how cybersecurity for finance companies can strengthen identity protection, email security and incident response across your organisation. CorIT Tech takes a practical, security-first approach that supports daily operations as well as compliance obligations. If you would like to discuss your current controls, contact us for tailored guidance.
