Construction and trade businesses move large payments quickly, making them prime targets for wire fraud. Learn practical controls to protect your payments and verify requests.
Why Construction Firms Are Targeted
Construction companies handle high-value transactions with tight deadlines, multiple vendors, and frequent changes to payment instructions. Attackers exploit this chaos by impersonating subcontractors, suppliers, or project managers to redirect payments. Because deals close quickly, fraudulent wire transfer requests often bypass normal verification.
Core Protection Practices
Always verify payment changes through a separate, trusted channel — never rely on email alone. Call the vendor at a known phone number to confirm new account details. Establish a clear internal process for approving wire transfers, including dual authorization for large payments.
Strengthen Email and Identity Security
Many payment scams start with a compromised email account or a convincing spoofed message. Enforce multi-factor authentication on all company email accounts, use advanced email filtering, and train staff to recognize urgent payment requests that feel slightly off.
Build a Verification Culture
Speed is important in construction, but one fraudulent wire can erase the profit from an entire project. Make verification a standard step in your payment workflow, not an exception. Documented verification steps also demonstrate due diligence if a dispute arises.