Estimated reading time: 7 minutes
Finance teams sit at the heart of every business transaction. They manage supplier payments, payroll, invoices and cash flow, making them one of the most attractive targets for cybercriminals.
Modern email attacks are no longer easy to spot. Criminals increasingly use compromised supplier accounts, executive impersonation and highly convincing phishing emails designed to bypass traditional security measures and exploit human trust.
While technology plays an important role in protecting organisations, some of the most effective defences come from strong processes and informed employees. By combining sensible controls with modern email security measures, finance teams can significantly reduce the risk of fraud, invoice scams and phishing attacks.
Why Finance Teams Are Targeted So Frequently
Cybercriminals follow the money. Finance teams have the authority to approve payments, update supplier details, process invoices and access sensitive financial information. As a result, they are frequently targeted by attackers looking for the quickest route to financial gain.
Unlike many cyber attacks that focus on exploiting technical vulnerabilities, finance-focused attacks often rely on social engineering. Attackers attempt to manipulate employees into making decisions that appear legitimate but ultimately transfer money or sensitive information into the wrong hands.
Business Email Compromise (BEC), invoice fraud, supplier impersonation and phishing campaigns continue to grow because they exploit trust rather than technology. Understanding these tactics is the first step towards building stronger defences.
Never Trust an Invoice Change Request Without Verification
One of the most common finance scams involves a supplier apparently updating their bank details.
The email may appear completely legitimate. In some cases, it may even come from a genuine supplier mailbox that has already been compromised. Attackers often spend weeks monitoring conversations before making their move, waiting for the perfect opportunity to insert fraudulent payment details.
The safest approach is to assume that any request to change banking information requires independent verification.
Best practice:
- Always verify changes to bank details using a secondary communication method
- Call a known contact using a trusted phone number
- Avoid using contact information provided within the suspicious email
- Introduce a formal approval workflow for supplier banking changes
A simple verification call can prevent a significant financial loss.
Watch for Urgency and Pressure Tactics
Fraudulent emails frequently attempt to create a sense of urgency.
Attackers know that when people feel pressured, they are more likely to bypass normal procedures and make mistakes. Requests that appear to come from senior management often include demands for immediate action or confidentiality.
Common examples include:
- “Payment required immediately”
- “Confidential transaction”
- “CEO approval already given”
- “Final notice before penalties”
Whenever an email attempts to create unusual pressure, it should be treated with caution.
Best practice:
- Slow down payment approvals when urgency appears unexpectedly
- Train staff to recognise emotional manipulation tactics
- Encourage employees to question unusual requests, even when they appear to come from senior executives
Good financial controls should never be bypassed because someone claims a matter is urgent.
Be Cautious with Display Names
Many phishing attacks rely on fake display names rather than spoofed email addresses.
At first glance, a message may appear to come from:
- John Smith – CEO
- Accounts Payable Team
- Trusted Supplier Ltd
However, a closer inspection often reveals that the actual sender address belongs to an unrelated domain or contains subtle spelling differences.
Attackers understand that most people focus on the display name and rarely inspect the full sender address.
Best practice:
- Train staff to inspect the full sender address
- Look for misspellings, extra characters or unusual domains
- Use email security tools that flag impersonation attempts
A convincing display name is not proof of legitimacy.
Implement Multi-Person Payment Approval
Many successful fraud attempts rely on a single individual having the authority to approve and release payments without additional checks.
Even experienced employees can make mistakes when dealing with convincing attacks or working under pressure. Introducing a dual-authorisation process creates an important layer of protection.
By requiring a second person to review high-value payments or supplier banking changes, businesses significantly reduce the likelihood of fraudulent transactions being processed.
Best practice:
- Require dual approval for high-value payments
- Separate supplier setup from payment release responsibilities
- Introduce escalation rules for unusual transactions
These controls reduce both external fraud risk and internal error risk.
Treat Attachments and Links Carefully
Finance teams receive a high volume of invoices, spreadsheets, PDFs and payment documents every day.
Cybercriminals know this and regularly disguise malicious files as legitimate financial documents. A single malicious attachment or link can compromise an entire environment if appropriate protections are not in place.
Best practice:
- Avoid opening unexpected attachments immediately
- Verify unusual file formats before opening
- Be cautious of QR codes in invoices or payment requests
- Hover over links before clicking
- Use secure document-sharing platforms where possible
When in doubt, verify before opening.
Strengthen Email Authentication Controls
Many organisations still lack proper email authentication controls, making it easier for attackers to impersonate legitimate domains.
Technologies such as SPF, DKIM and DMARC help verify that emails genuinely originate from authorised sources and significantly reduce the effectiveness of spoofing attacks.
Best practice:
- Ensure SPF, DKIM and DMARC are configured correctly
- Monitor DMARC reports regularly
- Work with IT or cyber security teams to strengthen email security policies
These controls can dramatically reduce domain impersonation risks.
Conduct Regular Phishing Simulations
Security awareness training should not be treated as a once-a-year exercise.
Employees become more resilient when they regularly encounter realistic examples of modern phishing attacks in a safe environment.
Phishing simulations help organisations identify knowledge gaps while reinforcing good security habits.
Best practice:
- Run regular phishing simulations
- Measure employee response rates
- Provide targeted coaching where needed
- Share examples of real-world attacks with finance staff
The goal is not to catch people out; it is to build stronger instincts and awareness.
Secure Executive Communications
Executive impersonation attacks continue to rise.
Finance teams are frequently targeted with requests that appear to come from directors, business owners or senior management. These messages often involve urgent payments, confidential transactions or requests to bypass normal controls.
Attackers rely heavily on authority and trust.
Best practice:
- Use secure collaboration tools for approvals
- Establish verbal verification procedures for sensitive requests
- Flag external emails that use executive display names
- Create clear escalation paths for suspicious requests
No payment request should be processed purely because it appears to come from a senior individual.
Build a “Report First” Culture
Employees should feel comfortable reporting suspicious emails without fear of blame.
The earlier a threat is identified, the easier it is to contain potential damage and protect other users.
Organisations with strong reporting cultures often identify attacks faster and suffer fewer security incidents.
Best practice:
- Make reporting simple and accessible
- Celebrate proactive reporting behaviour
- Share lessons learned across teams
- Respond quickly to reported threats
Cyber security is strongest when finance and security teams work together.
Common Warning Signs an Email May Be Fraudulent
Although every attack is different, many fraudulent emails share common characteristics.
Teaching finance teams to recognise these warning signs can dramatically reduce the likelihood of an incident.
Common indicators include:
- Unexpected requests to change bank details
- Urgent payment demands that bypass normal procedures
- Unusual grammar, spelling or tone
- Requests for confidentiality or secrecy
- Unexpected attachments or links
- Email addresses that differ slightly from legitimate domains
If something feels unusual, employees should pause, verify and seek a second opinion before taking action.
Improving Email Security for Finance Teams
Finance departments sit at the intersection of money, trust and operational urgency, which makes them prime targets for cybercriminals.
Technology plays an important role, but strong processes and informed employees remain critical defences. Small improvements in verification procedures, payment controls and email awareness can dramatically reduce exposure to fraud, phishing and invoice scams.
The most effective finance security strategy combines people, process and technology working together.
Frequently Asked Questions
What is Business Email Compromise (BEC)?
Business Email Compromise is a type of fraud where attackers impersonate trusted individuals or organisations to convince employees to transfer money or disclose sensitive information.
Why are finance teams targeted by phishing attacks?
Finance teams control payments, supplier information and financial processes, making them attractive targets for cybercriminals seeking financial gain.
How can finance teams prevent invoice fraud?
Verification procedures, dual approval processes, supplier validation checks and employee awareness training all help reduce the risk of invoice fraud.
What are SPF, DKIM and DMARC?
These are email authentication technologies that help verify legitimate email senders and reduce the risk of spoofing and impersonation attacks.
Should finance staff use Multi-Factor Authentication (MFA)?
Yes. MFA provides an additional layer of protection by requiring a second form of verification beyond a password.
How often should phishing awareness training be delivered?
Security awareness should be ongoing. Regular phishing simulations and refresher training help employees recognise evolving threats and maintain good security habits.
Strengthening Email Security Across Your Organisation
Reducing the risk of invoice fraud, phishing attacks and Business Email Compromise requires more than a single security product. The strongest protection comes from combining secure technology, robust processes and well-informed employees.
At Telanova, we help businesses across Bracknell, Wokingham, Reading, Ascot and the wider Berkshire region strengthen email security, improve Microsoft 365 security configurations, implement phishing awareness programmes and reduce cyber risk across finance and operational teams.
Whether you need help reviewing your current controls, implementing SPF, DKIM and DMARC, or improving employee awareness, our team can help you build a practical and effective security strategy.
Call 01344 989 530 or contact Telanova today to discuss how we can help improve your organisation's email security.
About Telanova
Telanova provides business IT support, cyber security, Microsoft 365, networking and communication solutions to organisations across Berkshire and the surrounding area.
