Business payment fraud across Europe is not slowing down. According to the joint 2025 report by the European Banking Authority and the European Central Bank, total fraud losses across the EEA reached €4.2 billion in 2024 – a 17% increase year-on-year. For credit transfers specifically, businesses and individuals absorbed approximately 85% of those losses, largely because fraudsters manipulated them into initiating the fraudulent transactions themselves. The money left their accounts willingly. That distinction matters: in most of these cases, the fraud was not a technical breach. It was a human one. 

The good news is that most of it is preventable. Almantas Valentukevičius, MLRO & Fraud Prevention Officer at Wittix with over 10 years in AML and counter-terrorism financing, explains what businesses should know. 

The habit that makes the difference 

A payment takes seconds to send and can take months to dispute – if it can be disputed at all. Building one consistent habit into that moment is what separates businesses that catch fraud early from those that discover it too late.  

“The habit is simple: stop and verify before you send. Fraud prevention starts before the payment. Apply critical thinking at every step – double check who you are paying, verify that they are who they claim to be, and do not let urgency override that process.” 

– Almantas Valentukevičius, MLRO & Fraud Prevention Officer, Wittix 

In practice, this means checking the person or company you’re paying independently before sending money, instead of relying only on the details they give you. Make sure the company is real and holds the licences it claims. Then confirm the account details match what you have on record from a trusted source. If something still does not seem right, contact your bank or your payment service directly to confirm before making the payment. 

Wittix also supports Verification of Payee functionality, in line with EU regulatory requirements. Before a transfer is executed, the system checks whether the beneficiary’s name matches the account on record. This is a meaningful layer of protection for SEPA payments – but it works best when the person initiating the payment is already alert to the possibility that something may not be right. 

Three business payment fraud patterns that appear most often

The tools fraudsters use have evolved: AI-generated documents, deepfake communications, and automated social engineering have made fraud harder to spot on the surface. The underlying patterns, however, remain the same. Across B2B payment fraud cases, three situations arise consistently. 

1. The unlicensed financial partner 

A business is approached by what presents itself as a legitimate financial services provider – a payment processor, investment platform, or currency exchange. The branding looks professional and the offer looks reasonable. However, the entity holds no licence to provide financial services.

This is straightforward to check. Every regulated payment institution operating in the EU must hold a licence issued by a national supervisory authority. In Lithuania, for example, the Bank of Lithuania maintains a public register of all licensed entities. If a provider cannot point you to a verifiable licence entry, that is a clear stop signal. 

2. Payment for goods or services that never arrive 

A supplier is found online or via a referral. An order is placed. The business pays in advance. The goods or services never materialise, and the counterparty becomes unreachable. This is one of the most common forms of business payment fraud, and it disproportionately affects companies working with new suppliers, particularly across borders. 

AI-generated documents have made this harder to detect. For example, invoices, delivery confirmations, signed agreements, and even company registration documents can now be fabricated convincingly. What was once a low-quality forgery may now pass a quick visual check. 

The response is not to distrust every supplier, but to apply consistent verification for new relationships: check company registration independently, request references, use structured payment terms that release funds against delivery milestones, and treat any pressure to skip these steps as a warning sign. 

3. The staged dispute 

This is one of the hardest types of fraud to spot. The business makes payment as usual, but later the other party raises a dispute. They may claim the goods never arrived, were defective, or the payment was unauthorised. In some cases, the other party fabricates these claims deliberately to get the money back after receiving the product or service. This is known as friendly fraud. 

Clear documentation at every stage of a transaction is the primary defence here: written agreements, delivery records, payment confirmations, and saved communication. If a dispute arises, these records determine the outcome. Once you complete a payment, no one can reverse it – which is why the controls need to be in place before sending the money, not after. 

Why urgency and sudden changes are the most reliable warning signs 

Across almost every fraud typology, one behavioural signal appears consistently: pressure to act fast. A supplier insists the payment must go today or the deal is lost. A ‘bank representative’ says the account will be frozen unless you act immediately. A partner suddenly changes payment details right after everything is confirmed already. 

Legitimate counterparties in business transactions rarely operate this way. Standard payment terms, standard verification, and standard processing time are normal. Urgency – real urgency, applied as pressure – is the exception. When it appears, the right response is to pause, verify through a separate channel, and contact your payment provider if something does not add up. 

“A significant part of what we do is not automated. It is a person having a real conversation – reviewing the documents provided, asking follow-up questions, and applying judgment built from years of experience. Fraud prevention technology is important, but it is the human reading the context that catches what the system cannot.” 

– Almantas Valentukevičius, MLRO & Fraud Prevention Officer, Wittix 

What to look for in a payment provider 

 Business payment fraud exposure depends partly on the provider you choose – not only on fees and speed. For businesses that move money regularly – to suppliers, contractors, or international partners – the provider’s approach to compliance matters. It directly affects your exposure to risk.

Three questions are worth asking: 

  • Is the provider regulated, and can you verify that independently? 

    A licence number and a link to the supervisory authority register should be straightforward to find. 

  • Does the provider apply human review, or only automated checks?

    Automated systems are effective for known patterns. However, they miss context, inconsistency, and the kind of judgment that comes from experience.

  • Do they communicate proactively when something looks off? 

    A provider that flags a suspicious transaction before it completes is more valuable than one that processes everything quickly and leaves you to deal with the consequences. 

 

About Wittix 

Wittix, UAB is an Electronic Money Institution licensed and regulated by the Bank of Lithuania (EMI Licence No. 48), operating under the European Central Bank’s legal framework. We offer fully digital financial services for individuals and businesses – including multi-currency European accounts, SEPA and international payments, cards, and expense tools. Whether you’re scaling online or managing a more traditional operation, local or global, Wittix provides a platform that’s easy to use and a team that delivers real, personal support. 

Learn more, speak with our team, or open an account at wittix.com. 

Sources: European Banking Authority / European Central Bank, Report on Payment Fraud, December 2025.