International trade fraud cost Nigerian businesses millions in 2025. In 2026, with the rise of AI-powered Business Email Compromise (BEC), importers must be more vigilant than ever when sending foreign exchange.
1. The ‘Callback’ Rule
Never change payment details based on an email alone. If your supplier says, ‘Our bank is under audit, please pay this new account,’ STOP. Call them on a verified phone number to confirm. In 2026, scammers can ‘spoof’ email addresses to look identical to your supplier’s.
2. Verify via the National Single Window
Ensure your supplier is a legitimate entity. For high-value machinery, use a Letter of Credit (LC). This forces the supplier to prove they have shipped the goods before your bank releases the money. Read more in our LC Explained Guide.
3. Spotting Phishing and Spoofing
Look for small spelling errors in the email domain (e.g., @suppliier.com instead of @supplier.com). 2026 hackers are experts at creating a ‘sense of urgency’ to make you skip verification steps.
Conclusion
Fraud prevention is about process, not luck. Always route payments through approved banking channels to ensure you have a legal trail. For more on safe payments, see Managing Payment Risks.