AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
Vendor fraud against US teams paying Nigeria mostly takes three forms: a message saying a supplier's bank details have changed, an invoice from a business you never onboarded, and a duplicate or inflated bill from a real supplier. The defence is a call-back on a number you already held, a check that the business and its registration number are real, and matching every invoice to an order and a delivery before payment.
How vendor fraud reaches a US finance team
The fraud rarely looks like fraud. It arrives as a polite email from an address one letter off a real supplier's, a PDF invoice with the right logo, or a WhatsApp voice note from a "new accounts officer". Nacha's 2024 action plan on business email compromise describes the most common version: a vendor impersonator sends an invoice with an updated payment account, and the payer sends the next instalment to the fraudster.
Teams paying Nigeria from the US are exposed for three reasons. They often know suppliers only remotely; they cannot drop by an office; and the time difference means requests land when nobody in the right role is awake. None of that is specific to Nigeria, and most Nigerian suppliers are as keen as you are to stop it, because they lose the payment too.
Check 1: changed bank details
Treat every change to a payee's account as a new payee. Nacha's guidance is to confirm the change outside the channel that requested it, using a phone number from your own directory, because caller ID can be spoofed and the number in the email may belong to the fraudster.
- Call the contact you have dealt with before, on the number in your vendor file.
- Ask them to confirm the new account name and number back to you, rather than reading it to them.
- Ask why the account changed. A real business can usually say: a new bank, a merger, a dormant account.
- Compare the account name with the registered business name. If your payment channel shows the beneficiary name before you confirm, check it every time.
- Hold the first payment to the new details until the call is logged, and consider a small test payment confirmed by the supplier.
Check 2: invoices from businesses you never onboarded
A fake invoice works when nobody checks that the vendor exists or that the work was ordered. Under CAMA 2020, as summarised in a Templars alert on the CAC's 2025 notice, a business must display its registered name and RC number at its places of business, on letterheads and on digital platforms. An invoice with no registration number, or one that does not match the CAC public search, is a reason to stop.
Where the vendor charges VAT, the Nigeria Tax Act 2025 sets what a VAT invoice must show, according to a May 2026 Mondaq review of the Act: the supplier's TIN and registration number, an invoice number, name and address, date of supply, the purchaser's name, the gross amount, and the VAT charged and rate. Missing fields do not prove fraud, but they do mean the invoice cannot be relied on.
Check 3: duplicate and inflated invoices
Real suppliers sometimes resend an invoice, and dishonest ones sometimes resend it on purpose with a new number. Match each invoice to a purchase order or contract and to evidence the goods arrived or the work was done. Flag invoices with the same amount and date from the same vendor, and rates that jump without a contract change.
| Red flag | What to do |
|---|---|
| Urgent request to pay today to a new account | Stop; call back on a known number; pay only after the log is complete |
| Email domain slightly different from usual | Reply to the known address, not the new one |
| No RC number or a name that does not match CAC | Ask for CAC documents and check the public search |
| Same amount invoiced twice in a month | Match both to orders before paying either |
| Payment to a personal account for a company invoice | Ask for written reasons on letterhead and confirm by call |
If money has already gone
Speed matters more than anything else. Contact your own bank or payment provider at once and ask for a recall, giving the reference and time. The FBI's IC3 asks victims to file a report even if unsure, and says reports can in some cases help freeze stolen funds. On the Nigerian side, the receiving bank and the police are the routes; our sister site explains how to report fraud to the police and EFCC in Nigeria. Keep every email, message and document; do not delete the fraudster's messages.
Steps for a vendor master file
- For each vendor, record legal name, RC number, TIN, address, a known contact and a verified phone number.
- Lock changes to bank details behind a second person and a logged call-back.
- Match every invoice to an order and a delivery before approval.
- Review new and changed vendors monthly.
For approval thresholds and dual sign-off, see approvals for payments to Nigeria, and for vendors who send change requests regularly, fraudulent bank change requests.
Where Pryme fits
Through Pryme's partnership with VerifyDoc.ai, a business can issue a verifiable receipt or statement, and anyone can check that a verifiable one is genuine and unaltered. Asking regular suppliers to send verifiable documents removes one easy forgery route. See verifiable receipts and statements.
Questions people ask
How do I know if a Nigerian supplier's invoice is fake?
Check that the business name and RC number match the CAC public search, that the invoice matches an order you placed, and that the bank account belongs to the registered business. Call a known contact if anything differs.
My Nigerian vendor emailed new bank details. What should I do?
Treat it as a new payee. Call the vendor on a number you already had, have them confirm the details back to you, and hold payment until the call is logged.
Can I get money back after paying a fraudster in Nigeria?
Sometimes, if you act fast. Ask your bank to recall the payment immediately, report to the FBI's IC3, and report to the receiving bank and Nigerian police.
What must a Nigerian VAT invoice show?
Under the Nigeria Tax Act 2025, as summarised in 2026: supplier TIN and registration number, invoice number, name and address, date, purchaser name, gross amount, and VAT charged and rate.
Sources
- Nacha: Business Email Compromise Action Plan (2024) · accessed Oct 2026
- Templars: CAC imposes six-week deadline on unregistered business names (14 May 2025) · accessed Oct 2026
- Mondaq: Examination of the VAT provisions under the Nigeria Tax Act 2025 (28 May 2026) · accessed Oct 2026
- FBI Internet Crime Complaint Center (IC3): home page · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.