How is this allowed to happen? Put simply, it occurs when businesses do not have adequate processes in place to properly vet and set up vendors on their systems. ![]() This is one of the most popular scams out there-it is all about small value but high volume to bypass the approval process. By this, vendors that are not legitimate will get into an organization’s system and submit invoices that are of a low enough dollar amount to simply be approved without any questioning. Invoice scammers often start off with what could be considered low-hanging fruit. That said, it is important that finance teams are aware of three particularly common examples, which I will briefly outline here. There are many attack methods currently being deployed, and as invoicing technology changes, so too will the means through which fraudsters operate. We can start by spreading awareness of what sort of scams are most commonly adopted by invoice fraudsters.īusinesses the world over are moving to digital payment mechanisms thanks to a combination of convenience, available technology and mandates from governments around electronic invoicing and taxation.Īs a result, cybercriminals are tapping into new avenues to defraud businesses out of their hard-earned revenues. ![]() No organization is immune, and if the problem is to be tackled in a meaningful way, we must start to increase knowledge of invoice fraud and hold frank and open discussions about the problem. Invoice fraud is occurring every hour of every day, but there is a general reluctance to talk about it because it hurts brands and has the potential to harm supplier relationships. Indeed, the problem is not going away-if anything, based on our knowledge and experience in this domain, it is becoming even more rampant.
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