NCA and NatWest launch campaign against invoice fraud

The National Crime Agency (NCA) and NatWest Group have launched a joint campaign targeting invoice fraud, a sophisticated financial crime that cost businesses nearly £4 million in September 2025 alone. The initiative aims to equip accounts payable and finance professionals with tools to combat what has become one of the most prevalent forms of payment diversion fraud affecting UK businesses.

Figures from Action Fraud, the UK's national fraud reporting center, reveal that invoice fraud victims lost a total of £3,908,086 across 83 reported cases in September 2025, averaging more than £47,000 per incident. Notably, invoice fraud accounted for 85% of all Payment Diversion Fraud losses during that month, underscoring its dominance in the financial crime landscape.

Background and Context

Invoice fraud operates through deception, with criminals manipulating legitimate business transactions to divert payments into accounts they control. Fraudsters employ various tactics, including impersonating legitimate suppliers, intercepting email communications, and creating convincing fake invoices that prompt immediate payment. The crime exploits vulnerabilities in business payment processes, particularly where verification procedures are inadequate or rushed.

The financial impact extends beyond immediate monetary losses. According to law enforcement officials, businesses can face severe cash flow crises that threaten their survival, while families and livelihoods hang in the balance when fraudsters succeed. The high-value nature of these attacks—averaging nearly £50,000 per incident—means even single successful attempts can devastate small and medium-sized enterprises.

Key Figures and Entities

The National Crime Agency, through its National Economic Crime Centre (NECC), has taken a leading role in combating invoice fraud. Nick Sharp, deputy director fraud at the NECC, emphasized the severe harm caused by this crime type, noting that "businesses can be destroyed by a loss of cashflow from a fraudulent payment." Sharp highlighted the NCA's dual approach of targeting criminal networks through investigations and intelligence sharing with international partners, while simultaneously focusing on prevention through awareness campaigns.

NatWest Group has joined the effort as a key financial sector partner. Avani Patel, head of Commercial & Institutional Fraud at NatWest, warned that "criminals are undertaking increasingly sophisticated methods to commit fraud, often targeting the Accounts Payable and Finance departments of both small sole-traders and multi-national corporations." The partnership aims to leverage NatWest's position in the financial ecosystem to reach businesses across the UK economy.

Legal and Financial Mechanisms

The mechanics of invoice fraud typically involve sophisticated social engineering techniques. Criminals may compromise business email systems to monitor legitimate transactions before striking at the optimal moment. Other methods include creating false but convincing invoices that mimic genuine suppliers' documentation, or intercepting and altering legitimate payment requests in transit.

The campaign promotes a "Check, Verify, Never" methodology as a primary defense mechanism. This approach involves carefully examining any changes to payment details, independently verifying such changes through established trusted contacts rather than relying on potentially compromised communication channels, and maintaining a strict policy of never transferring funds until complete certainty about payment details is established.

International Implications and Policy Response

While focused on the UK, the campaign addresses a global phenomenon as invoice fraud schemes increasingly operate across borders. The NCA's emphasis on international intelligence sharing reflects the transnational nature of these criminal networks, which often use sophisticated money laundering techniques to move illicit funds through multiple jurisdictions.

The partnership between law enforcement and the private sector represents a growing trend in financial crime prevention, acknowledging that statutory measures alone cannot combat evolving fraud threats. By targeting professionals directly responsible for financial transactions, the campaign seeks to create a human firewall against invoice fraud, complementing technological and regulatory safeguards.

Sources

This report draws on data from Action Fraud, official statements from the National Crime Agency, and public announcements from NatWest Group. The statistics referenced cover fraud reporting from September 2025, and the campaign materials were released through official law enforcement and banking channels in late 2025.