Rising trade tensions are forcing businesses to quickly reconfigure their vendor networks, but this urgency is leading to increased risk of fraud. Procurement and finance teams are rapidly establishing new vendor relationships and payment channels which expose them to fraud threats. A report indicated that 79% of organizations experienced payment fraud in 2024. Cybercriminals utilize social engineering tactics and generative AI to impersonate vendors and direct payments to fraudulent accounts. Notably, the city of Baltimore lost $1.5 million in a vendor impersonation attack in March 2024.
Fraudsters are already weaponizing generative AI to impersonate vendors, reroute payments and slip through onboarding workflows. Now, as the chaos intensifies, they're finding it even easier to blend in.
Invoice and payment fraud now costs United States businesses over $100 billion annually. A textbook scheme for cybercriminals is vendor impersonation and payment redirection.
The city of Baltimore became a victim of such an attack when a hacker stole $1.5 million in a vendor impersonation attack in March.
According to the AFP's 2025 survey, 79% of organizations reported experiencing payment fraud in 2024.
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