Italian supplier changed their IBAN? How to avoid payment diversion
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In short: if an Italian supplier emails new bank details, do not pay until you have confirmed them by phone, using a number you already hold. Name-matching services help but do not remove the risk: the Payment Systems Regulator describes Confirmation of Payee as designed to prevent misdirected and fraudulent payments, not as a guarantee. The free Veryfy anti-scam check flags warning signs on the email, site and IBAN.
Part of the guide Checking an Italian company: a guide for UK businesses after Brexit. All guides: Guides.
The pattern
A message that looks like it comes from a regular supplier says its bank details have changed. The next payment goes to the new account, and the real supplier is never paid. The same pattern also starts with a false supplier that never existed.
What name checks cover on each side
- UK: Confirmation of Payee lets banks check the name on a new payee's account against the sort code and account number, and alerts the payer to a match, close match or no match. The PSR says it covers Faster Payments and CHAPS and that coverage is "nearly all" such transactions, not all (Payment Systems Regulator: Confirmation of Payee).
- EU: Regulation (EU) 2024/886, art. 5c, requires the payer's payment service provider to offer verification of the payee for credit transfers, and to warn the payer on a mismatch that the funds might go to an account not held by the payee. Providers in euro-area Member States must comply by 9 October 2025 (EUR-Lex: Regulation (EU) 2024/886, art. 5c (verification of the payee)).
- That article puts the duty on the payer's provider. Whether your UK bank offers an equivalent check on a payment to an Italian IBAN is a question to put to your bank.
Controls you decide
- Treat every bank-detail change as unverified until a phone call confirms it, to a number from your own records.
- Have a second person approve any change to supplier bank details.
- Check that the IBAN is from the country you expect for that company.
- Send a small first payment and ask for confirmation of receipt before the full amount.
What the free anti-scam check does
Every company product comes with a free Check anti-truffa (anti-scam check): it looks at the VAT number in the EU VIES register, free webmail or disposable email, domain age, domains flagged for malware or phishing, SPF and DMARC protection, the VAT number shown on the website, data breaches affecting the site, and whether the IBAN is correctly written and from a country consistent with the company.
It does not tell you who holds the account: for that, rely on the name check your bank provides and the call-back.
The service and the report are in Italian, and they come from Italian official sources: company names, offices and procedures keep their original Italian wording. Veryfy does not offer a translated report.
Frequently asked questions
Is Confirmation of Payee enough to stop invoice fraud?
No. The PSR describes the service as designed to prevent misdirected and fraudulent payments, and says coverage is nearly all, not all, transactions on Faster Payments and CHAPS. Combine it with a call-back to a known number.
Does the EU have a similar name check for IBAN payments?
Yes. Regulation (EU) 2024/886 requires payment providers to offer verification of the payee for credit transfers, with a deadline of 9 October 2025 for providers in euro-area Member States. It binds the payer's provider, so ask your bank how it applies to you.
Does the Veryfy anti-scam check confirm the account holder?
No. It checks that the IBAN is correctly written and from a country consistent with the company, together with signals about the email, the domain and the website.
Sources
Official sources opened and read on 2026-10-24.
- Payment Systems Regulator: Confirmation of Payee
- EUR-Lex: Regulation (EU) 2024/886, art. 5c (verification of the payee)
- Registro Imprese, the Italian business register portal (InfoCamere)
General information, not legal advice. Sources verified on 2026-10-24.
Frequently asked questions
Is Confirmation of Payee enough to stop invoice fraud?
No. The PSR describes the service as designed to prevent misdirected and fraudulent payments, and says coverage is nearly all, not all, transactions on Faster Payments and CHAPS. Combine it with a call-back to a known number.
Does the EU have a similar name check for IBAN payments?
Yes. Regulation (EU) 2024/886 requires payment providers to offer verification of the payee for credit transfers, with a deadline of 9 October 2025 for providers in euro-area Member States. It binds the payer's provider, so ask your bank how it applies to you.
Does the Veryfy anti-scam check confirm the account holder?
No. It checks that the IBAN is correctly written and from a country consistent with the company, together with signals about the email, the domain and the website.
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