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Million facebook google invoices scam12/3/2023 That's why businesses need to take precautions to protect themselves from invoice fraud at all costs. Regardless of the amount taken, those aren't great odds. That's essentially a 50/50 chance to recover 1/4th of what they lost. What's even more concerning is that of the 58% percent of the time that fraud is detected, on average, businesses only regain 25% of their missing funds. Not only is that an incredibly large sum of money, but it's also a long time for a scammer to go completely unnoticed.Ī survey by KPMG determined that internal and external audits only have a 58% chance of catching fraudulent activity. During the last week of March 2019, a man from Lithuania pleaded guilty to bilking over 123 million from Google and Facebook over the span of a few years. ![]() ![]() For large corporations that have hundreds of vendors and invoices, it's all too easy to slip a fake invoice (or several) into the mix and get it paid out.Įven tech giants like Google and Facebook have been taken advantage of. Invoice fraud is a popular method for fraud because it offers the highest amount of bang for the buck. It was discovered to be the most pervasive type of BEC tactics. If that isn't scary enough, attacks that employed invoice or payment fraud jumped by 155%. TechRepublic found that in the third quarter of 2020, the median number of BEC attacks received per company each week rose by 15% from the previous quarter. What is often missed, is that scammers have gotten craftier and can now trick you into thinking a known sender sent the email. Modern companies have annual webinars and classes on how dangerous it is to click links in emails from unknown senders. The risk in emails is one that most business professionals are aware of. To think that hackers and scammers can easily mimic personas employees are not only familiar with, but interact with regularly is more than a little alarming. Invoice fraud is a prevalent nightmare for controllers, CFO's and finance professionals year-round. Spooky, isn't it? And not just because it's Halloween. Thinking that explains everything - that this is another payment that hasn't been paid yet - you approve the invoice, file it away, and go on about your day without another thought.Īnd just like that, you have become a victim of invoice fraud. This invoice is for the New York office, and that branch uses different payment information. But it was a separate branch and a different invoice. Eventually, you realize that you have paid the company already. ![]() You think about it for a little while and start digging through your records for proof to back up your suspicions. What catches your attention is this - the amount is significantly larger than what it usually is, and you're pretty sure you already paid it. Trying to approve invoices and keep your files organized when you come across something that looks a little odd.Īn invoice comes in from a company you recognize, sent from an email address you're familiar with, from someone you work with regularly. It's a beautiful fall day, October 31st to be exact, and you're going about your routine. The good news is, there are ways to ensure you don't end up in a real-life invoice fraud nightmare. By the end, the thought of invoice fraud will genuinely haunt you (if it isn't haunting you already). Be warned: this story is not for the faint of heart. Like all great scary stories, this story draws from actual events. In honor of Halloween, we'll begin today's blog post with a scary story.
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