Cyber Fraud That Doesn’t Look Malicious

As cyber attacks become more complete and convincing, socially engineered fraud is projected to exceed $40 billion annually by 2027.

Generative AI is accelerating this shift—enabling attackers to produce convincing emails, lookalike domains, fabricated threads, and vendor communications at scale without triggering traditional cyber defenses.

Based on 260 real-world B2B payment fraud incidents, this report reveals how attackers engineer payment requests to pass cyber controls by appearing legitimate from the start.

When Security Controls Break Down

Modern payment fraud is not a traditional attack. It is social engineering that moves through systems.

It starts with a trusted identity. 92% of attacks impersonate vendors or executives using real accounts and familiar context.

The attack is reinforced across layers. Invoices, W-9s, and bank details make the request appear legitimate.

Then comes validation, and 90% of fraudster-controlled accounts are valid and in good standing with the bank.

Each control evaluates its layer, but no security control evaluates end-to-end context.

You’ll learn:

• The 3 fraud playbooks behind attacks that look legitimate from the start
• Why fraud slips between security and finance systems even when controls work
• What security leaders must change to reduce risk without slowing down operations