Invoice fraud becoming a significant problem

Invoice fraud, affecting one in three companies, involves deceptive practices that trick businesses into making payments to fraudulent accounts.

As fraudsters’ techniques become more sophisticated, businesses must understand their tactics and the potential impact on operations.

Here are some common techniques used by fraudsters:

While these may seem fairly simple tricks, they are often elaborate and complex with many underlying layers of deception.

The effects of invoice fraud

Invoice fraud leads to immediate financial losses from payments to fraudulent accounts, which are often difficult to recover.

It also results in time-consuming and resource-intensive fraud investigations that disrupt business operations and delay legitimate payments.

Additionally, falling victim to fraud can damage a company’s reputation, eroding trust among clients, suppliers, and stakeholders, and may lead to legal consequences, including fines and regulatory scrutiny.

Strategies for mitigating the risks

We often recommend protecting your company from invoice fraud, by implementing the following strategies:

Speak to our team if you’re worried about this issue, we can help you implement robust financial checks that help to protect you.

Please get in touch for more information. 

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