In 2026, cyber-fraud in international trade has become highly sophisticated. Business Email Compromise (BEC)—where a hacker intercepts an email and changes the bank details on your invoice—is the most common way Nigerian importers lose millions.
1. The ‘Form M’ Shield
Legally, you should only pay for imports through your bank via an approved Form M. Paying a supplier through ‘Black Market’ agents or unofficial transfers (like Peer-to-Peer crypto) offers zero legal protection. If the supplier disappears, your bank cannot help you recover the funds.
2. Verifying Bank Details
Never accept a ‘Change of Bank Details’ via email without a video call or a physical letter from the supplier’s bank. In 2026, scammers often use ‘Deepfake’ audio to trick importers. Always perform a small ‘Test Transfer’ before sending a large $100,000 payment.
3. Using Letters of Credit
The safest way to avoid payment risk is a Confirmed Letter of Credit. It ensures you only pay when the bank confirms the goods are shipped. Read more in our LC Explained Guide.
Conclusion
In 2026, trust but verify. One wrong click can bankrupt your trade business. For more on the legalities of foreign payments, see our post on International Trade Compliance.