3 Key Steps to Eliminating Invoice Fraud

Invoice fraud can fly under the radar in a world where Business Email Compromise and ransomware are the headline-grabbing methods, but it shouldn’t.

Medius reported that the average finance team saw 13 invoice fraud attempts and nine successful ones in the past year, with an average loss of $133,000 in the United States.

What makes invoice fraud as dangerous as it is expensive? The sophistication of fraudulent invoices and how difficult this type of fraud can be to spot. Fraudsters also have tricks up their sleeves, including impersonation of vendors and even sending a product sample with a phony “overdue” invoice to create urgency and trust.

Here are a few of the tricks you should be vigilant for, and three ways to fight back.