In short: Wire fraud targeting importers usually starts with a compromised email account, not a hacked bank — a scammer intercepts a real supplier conversation, then sends "updated" bank details right before a payment is due. You can catch nearly every case by verifying any bank detail change with a phone call (never email alone), cross-checking the account name against the supplier's business licence, and treating payment urgency as a red flag rather than a reason to move fast. South African importers should also confirm SARB reporting requirements with their bank before large transfers to China.

Last updated: 6 August 2026

How does wire fraud against importers actually happen?

The most common version doesn't involve hacking your bank — it involves hacking (or spoofing) email. A scammer gains access to a supplier's inbox, watches an active order conversation, then jumps in at the right moment with an email that looks identical to the supplier's usual correspondence, except the bank account details have changed. Because the email thread looks legitimate, buyers often pay without a second check. Alibaba's own Trade Assurance system offers some protection against this — see our comparison of Alibaba payment methods and buyer protection.

A second version uses a fake but convincing domain — "supplier-name.com" becomes "supplier-name.co" or "suppller-name.com" — sent alongside a plausible-looking invoice.

What are the warning signs of a payment scam?

A handful of patterns show up in nearly every case we've seen:

• A bank account change arrives by email only, with no phone call or advance notice.
• The new account is registered to a different company name or an individual rather than the business you're dealing with.
• There's sudden urgency — "pay in the next few hours or lose your production slot."
• The email address is subtly different from previous correspondence (an extra letter, a different domain extension).
• Grammar or formatting in the email doesn't match the supplier's usual style.

How do you verify a Chinese supplier's bank details before paying?

This is the checklist we run for every client before a wire transfer goes out:

1. Match the account name to the business licence. Request a copy of the supplier's business licence and confirm the registered company name is identical to the account holder name on the bank details — not similar, identical.
2. Call, don't email, to confirm any change. Use a phone number you already have on file, not one provided in the email that raised the flag.
3. Check the bank's location matches the business's registered address. A supplier based in Shenzhen suddenly asking for a transfer to a bank in a different province, or a different country entirely, warrants a direct conversation — read our Shenzhen electronics market buyer's guide for more on how that region's suppliers typically operate.
4. Send a small test transfer first for a new account, particularly on larger orders, and confirm receipt before sending the balance.
5. Keep a record of every previous invoice and bank detail so you have something to compare against when something changes.

What should South African importers know about sending large payments to China?

Beyond fraud prevention, South African importers need to work within South African Reserve Bank (SARB) foreign exchange rules. Your bank will typically require documentation — a commercial invoice and sometimes a customs declaration — to process larger international transfers, and there are annual limits on discretionary allowance that don't apply to verified trade payments. Confirm with your bank ahead of time what documentation they'll need so a legitimate, verified payment isn't delayed at the last minute. This sits alongside other South Africa-specific costs covered in our guide to import duties and taxes from China to South Africa.

What do you do if you've already sent money to a fraudulent account?

Speed matters more than anything else. Contact your bank immediately and request a SWIFT recall — this has a real chance of success only in the first 24-48 hours, before the receiving bank processes the funds onward. Report the fraud to your local police and, if you're working with a sourcing agent, ask them to contact the legitimate supplier directly to alert them their communications have been compromised, since other buyers may be targeted too.

How Epic Sourcing helps

Every payment our clients make to a supplier goes through a verification step first — our China-based team confirms bank details against business licences and picks up the phone when anything looks even slightly off, as part of our quality control and factory audit process. It's a small, unglamorous piece of the sourcing process, but it's the one that prevents the costliest mistakes. Get in touch for a no-pressure conversation about sourcing safely from China.

FAQ

Can I get my money back if I've been the victim of wire fraud?
Sometimes, if you act within 24-48 hours and your bank can issue a SWIFT recall before the receiving bank releases the funds. Recovery becomes much less likely after that window closes.

Is Alibaba Trade Assurance a safer alternative to bank wires?
Yes, for orders placed through Alibaba's platform — Trade Assurance holds funds until you confirm the shipment matches the agreed terms, which removes most of the risk a direct wire carries.

How do I know if a supplier's business licence is genuine?
You can cross-check the registration number against China's National Enterprise Credit Information Publicity System, though language and interface can be a barrier — a sourcing agent with local staff can do this verification directly.

Do South African banks flag large payments to China automatically?
Many do, as part of standard foreign exchange compliance rather than fraud detection specifically. Have your commercial invoice and supporting documents ready to avoid delays.

Should I ever pay 100% upfront to a new Chinese supplier?
Generally no. A standard deposit structure (30-50% upfront, balance before shipment) is the norm, and a demand for full payment upfront from an unfamiliar supplier is worth treating with caution.