What is a payment redirection scam?

A payment redirection scam occurs when criminals trick people or businesses into sending money to the wrong bank account.

This is a type of authorised fraud, because the victim unknowingly authorises the payment. In 2024 there were over 185,000 cases of authorised fraud in the UK, which led to losses of over £450 million¹.

How do payment redirection scams work?

Before carrying out the scam, criminals often spend time researching their target. This might include gathering information from emails, websites, or social media to help them make their messages seem more believable.

They then send a fake but very realistic email that appears to come from a trusted contact or supplier. These emails typically include new bank account details and request that a payment be made to this account.

The emails are often sent from a spoofed email address, where a small change is made to the sender’s email, like replacing an ‘S’ with a ’5’, to trick the recipient. In some cases, the criminal may have even hacked into a legitimate email account to send the message.

Signs to look out for:

• A contact or business asks you to send money to a new bank account.
• A supplier claims a payment is overdue or hasn’t been received.
• The sender’s email address has small character changes (e.g. ‘[email protected]’ instead of ‘[email protected]’).
• You’re asked to make a payment urgently or under pressure.

What does a payment redirection scam look like:

Here is an example of an email you may receive:

Subject: Urgent: Updated Bank Details for Payment

Dear Mr Smith

We are writing to advise you that we have made changes to our account system. Our new account details are now:

• Account name: [Fake name]
• Sort code: [Fake code]
• Account number: [Fake account number]

We note that the attached invoice is also now overdue. Please arrange payment using the above account details as soon as possible to avoid late payment charges.

Regards
Supplier name

What to do to avoid being targeted:

• ALWAYS verify any changes to payment details by calling your known contact.
• Don’t rely on email alone, especially for financial transactions.
• Report suspicious emails to the supplier and contact your bank immediately.
• Trust your instincts. If something feels off, double-check before acting.

Always be cautious when asked to make a payment and don’t be embarrassed to end an email conversation or phone call so you can get in touch separately using contact details from the company’s legitimate website. A genuine supplier won’t be offended if you request further checks.

If you think you’ve spotted a scam, report it immediately to your Private Banker or our Client Services Centre. If something doesn’t feel right, trust your instincts.

If you are ever unsure, Nedbank Private Wealth clients can contact us at +44 (0)1624 645000 (Monday to Friday, 8am to 8pm UK time, except for UK public holidays) or +44 (0)20 8167 3223 outside these hours.

For more tips and advice, visit our Protect Yourself from Fraud page .

References:

¹ UK Finance Annual Fraud report 2025.pdf