Property payment instructions: how to verify a changed bank account

Why the correct invoice can still be dangerous

A familiar email thread is not proof that the bank details inside it are genuine. An attacker may impersonate a participant or compromise a real mailbox. The FBI's Internet Crime Complaint Center describes business email compromise as a risk to businesses and individuals transferring money, and recommends a second channel to verify changes in account information. That warning applies to the communication method; it does not establish that any particular developer or agency is unsafe.

An overseas purchase adds practical friction. The buyer may be asleep when instructions arrive, the broker may speak a different language from the finance team, and a payment deadline may encourage haste. Agree a verification procedure before the first invoice rather than inventing one during an urgent exchange.

Establish the payment record before sending funds

Keep a controlled record of the contracting seller, the expected beneficiary, the property identifier, the invoice reference and the payment schedule. Ask the seller's authorised representative to explain any difference between the contracting entity and the proposed recipient. A bank account in a different name is a question to resolve, not a detail for the referring agent to approve alone.

Use the bank's own requirements for beneficiary names, currency and payment references. Do not guess how a shortened name should be entered. If a lawyer is involved, agree whether the lawyer checks the legal recipient while the buyer confirms the operational bank details. Neither task replaces the other.

A callback that actually provides independent confirmation

Call a number you obtained and verified before the change, or establish the contact through an independently checked official channel. Calling the number in the suspicious email simply asks the same sender to confirm their own instruction. Read back the beneficiary, account number and currency; asking only whether an invoice was sent leaves room for a different document to be discussed.

Record the date, the contact used, the person's role and the fields confirmed. Do not place complete account details in public notes or group chats. Store the confirmation in the agreed private transaction record, with access limited to people who need it.

What to do when instructions change

1. Stop the pending transfer and tell the buyer why confirmation is needed.
2. Preserve the original and replacement instructions without editing either file.
3. Contact the intended recipient independently and compare every changed field.
4. Resolve the legal basis for a new beneficiary with the responsible adviser.
5. Obtain the buyer's approval of the verified instruction and retain the record.

Consider an illustrative invoice due on Friday. A Thursday message says that an audit requires payment to a replacement account before noon. The deadline and explanation do not authenticate the account. The useful next step is an independent confirmation and, if needed, an agreed extension. A small test transfer also does not prove that the recipient is legally entitled to the purchase money.

If the payment has already left

Contact the sending bank immediately using its official fraud channel and ask what recall, tracing or receiving-bank contact is possible. Preserve message headers, files, timestamps and transaction references. Follow the relevant local reporting process. Recovery is not guaranteed, and a broker should never promise that a bank can reverse a completed international transfer.

Questions buyers and agents ask

Is a WhatsApp voice message sufficient?

Not on its own. Establish who controls the contact and use an independent verification route. A recognisable voice or profile photograph is not a substitute for confirming the recipient and account.

Should the referring agent collect the purchase money?

Do not assume that role. Payment arrangements must follow the contract and applicable rules. Referral work does not itself authorise an agent to receive or redirect funds.

Can this procedure remove all payment risk?

No. It reduces a specific communication risk. The property's legal checks, bank compliance requirements and the buyer's own approval remain separate tasks.

Sources and scope

FBI IC3: Business Email Compromise. The checklist is an IBG Property editorial procedure, not a bank instruction or a statement of local law. Adapt it with the buyer's bank and transaction advisers.

Educational material. Examples are illustrative; legal, technical, tax and investment decisions need case-specific professional advice.