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Invoice scams are a significant and growing threat to businesses with the value of fraud in the UK reaching £2.3 billion in 2023, a 104% increase to 2022. Fraudulent activity often results in financial losses and compromised sensitive information leaving businesses vulnerable as fraudsters are continuously creating sophisticated means to con businesses. Cyber fraud is a significant emerging threat when it comes to fraud, with 61% of all fraudulent activity now being cyber based.
Let’s help you protect your business from cyber invoice fraud. Here are three common types of invoice scams to watch out for:
Phishing invoice scams involve fraudulent emails designed to look like they come from legitimate suppliers or service providers. These emails often contain fake invoices and ask the recipient to make a payment to a fraudulent account.
BEC scams involve hackers gaining access to a company’s email accounts and using them to send fraudulent invoices to employees or suppliers. The goal is to trick the recipient into making payments to the hacker's account.
Scammers send fake invoices hoping that busy accounts payable departments will process them without verification. These invoices often resemble those from legitimate suppliers but contain fraudulent payment details.
Does your business use invoice automation software? Here at Pegasus, our Accounts Payable Automation software can help prevent invoice fraud with lots of handy features including 2 step invoice verification, duplicate invoice checker and Optical Character Recognition (OCR) and Artificial Intelligence (AI) to monitor and predict invoice activity.
Take steps today to protect your business from invoice fraud. To learn more please contact us today to discuss your requirements or to receive a no obligation demo.
Posted On: August 08, 2024