Question 1

What is the difference between fake proof of payment and business email compromise?

Accepted Answer

Fake proof of payment forges a document claiming a transfer already happened, to convince a seller to release goods before checking their account. Business email compromise instead forges bank details or an urgent wire request to redirect a genuine payment to an account the criminal controls. The two can overlap, but the document forged and the moment it is used differ.

Question 2

Can a fake Fedwire or SWIFT confirmation be verified as genuine?

Accepted Answer

A payer's bank or an independent tracing request can confirm whether a message was actually transmitted through Fedwire or SWIFT, but a recipient cannot verify a wire confirmation from the document alone. There is no such thing as a "conditional" MT103 or MT103/23 that releases funds once paperwork is completed; any confirmation claiming this feature is fabricated, however genuine the letterhead appears.

Question 3

How quickly do US wire transfers, Zelle, and ACH payments actually clear?

Accepted Answer

Domestic wires initiated before a bank's daily cutoff typically settle same day, Zelle transfers between enrolled banks are usually near-instant, and ACH payments take one to three business days. A payment "pending" for several days on what should be a standard wire or Zelle transfer is inconsistent with how these rails operate and warrants direct verification with your bank.

Question 4

Should a seller ever accept a payment confirmation instead of checking their own account?

Accepted Answer

No single document should substitute for confirming funds have cleared in the seller's own account, checked directly through their own banking app rather than a link the buyer supplies. A payment confirmation can support a decision once funds are independently verified, but on its own carries no guarantee that money has actually moved.

Question 5

Who should be notified if goods were released against a fake payment proof?

Accepted Answer

File a complaint with the FBI's IC3, ideally within 72 hours, to give the Recovery Asset Team the best chance of freezing any funds still in transit. Also notify local police and your state Attorney General's consumer protection office. If a courier or shipping broker collected the goods, contact that firm directly, since it may hold identifying information about the collector, and contact your bank in case the same fraudster targets a linked account.

Question 6

Does passing the ABA routing number check digit validation mean the account is legitimate?

Accepted Answer

No. The check digit algorithm verifies the mathematical consistency of the routing number structure. It confirms the check digit is correct for the given sequence, but it does not confirm the account exists, is active, or belongs to the expected party. A fraudster can provide a valid routing number paired with an account number they control. Full verification requires account existence confirmation and name matching through micro-deposits, instant verification services, or ACH prenote.

Question 7

Why doesn't the US use IBANs?

Accepted Answer

The IBAN system was developed by the European Committee for Banking Standards (ECBS) and adopted primarily by European countries, with expansion to the Middle East, Caribbean, and parts of Africa. The US already had a well-established domestic payment infrastructure based on ABA routing numbers (since 1910), the ACH network (since 1974), and Fedwire. The cost and complexity of migrating the entire US banking system to IBAN — involving over 10,000 financial institutions — has not been justified given the existing infrastructure. For international transfers, US banks use SWIFT/BIC codes alongside routing and account numbers.

Question 8

What should a business do when a supplier requests a change of bank details?

Accepted Answer

Never update bank details based solely on an email or letter. Contact the supplier using a previously verified phone number — not a number provided in the change request. Verify the new bank details through instant verification (Plaid/MX), micro-deposit confirmation, or a voided check from the supplier's bank. Require dual authorization for any bank detail change in your accounts payable system. Document the verification in your audit trail. The FBI IC3 recommends establishing a callback verification procedure as a standard control for all banking detail changes.

Question 9

How do instant bank verification services like Plaid work?

Accepted Answer

Instant bank verification services connect to the user's bank account through secure API integrations or open banking protocols. The user authenticates with their bank through the service's interface, and the service retrieves account details including the account holder's name, account number, routing number, account status, and balance. The service returns a verification result to the requesting business without exposing the user's banking credentials. Response times are typically under 5 seconds. These services can be integrated into ERP systems, payment platforms, and onboarding workflows via API.

Question 10

What is the difference between ABA routing number validation and full bank account verification?

Accepted Answer

ABA routing number validation checks the format and check digit of the 9-digit routing number and confirms it is listed in the Federal Reserve's E-Payments Routing Directory. Full bank account verification goes further by confirming the account exists, is active, can receive payments, and belongs to the declared party. Validation catches typos and invalid routing numbers; verification catches fraud, misdirected payments, and account ownership mismatches. Both are necessary for a secure payment process. For organizations subject to BSA/AML requirements or handling high-value transactions, full verification is an essential control.

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