![]() The employee doesn’t find the issue with the two accounts suspicious, so they send the required payments. The second email states that the company is having issues with its bank account, which is why it sent a new bank account number. Then the employee receives a second email with different attachments. However, the payment isn’t due for another month. One of the company’s employees receives an email that contains a request for a large sum of money, say for one hundred thousand dollars. Let’s say a non-profit government agency has to pay its suppliers. Make sure to discuss this with the employees who would pay it and have access to the company’s bank accounts. Before you process a bill, look for a supporting document file, such as the purchase order or statement. If your employees are working remotely, make sure they’re careful when processing company expenses.It’s a good idea to cross-reference details from each bill. Companies can outsource someone to review new accounts and look at the details of each purchase form. The next course of action is to do a due diligence check or a three-way matching process.Instead, delete the email before the malware makes its way to your business accounts and website. If you get invoice attachments from an unknown sender, don’t open them, as they might contain malware. You might think that a scammer would use a suspicious email address, but their email account is more likely to appear legit.Make sure to review and verify the authenticity of the supplier or vendor before making any payments.It’s important to be cautious when processing a new invoice. If you’re doing business with a new client, before you pay invoices, make sure to go through the entire statement thoroughly.There are a few steps you can take to prevent this form of payment fraud. The more information they gather, the more credible the document will seem. They use various techniques to obtain information not only about your company but your suppliers as well. As a result, hundreds of businesses pay a fraudulent bill without realizing it’s a scam.Īdvanced scammers gather the necessary information about your company and its expenses. Some scammers send thousands of fraudulent statements at once. They can also create a fake company and use forged documents. To make the bill seem realistic, the scammer may use the name of a legitimate company without its knowledge. But the bank account details usually aren’t correct. At first glance, it looks like it might be from a genuine supplier or company vendor. In other cases, the invoice might require an inflated payment.Ī fraudulent invoice is tricky to identify. These fake documents require payment for goods or services that were never provided. It refers to a scammer sending a fraudulent invoice to a business. This type of fraud is a sophisticated but common financial scam. There are two types of these invoices: duplicate and inflated. Sending someone a fake invoice is called invoice fraud. They are also sometimes called ghost or phantom invoices. Here’s what you need to know about fake invoices and how to protect your business from invoice and payment fraud.įrequently Asked Questions What Is a Fake Invoice?Ī fake invoice is, as the name suggests, an invoice that isn’t legally official. The good news is that there are various steps companies can take to prevent invoice fraud. Small businesses are the most common targets for this form of fraud. Send invoices, track time, manage payments, and more…from anywhere.įake invoice scams are more prevalent in the business world than people assume. Pay your employees and keep accurate books with Payroll software integrationsįreshBooks integrates with over 100 partners to help you simplify your workflows ![]() Set clear expectations with clients and organize your plans for each projectĬlient management made easy, with client info all in one place ![]() Organized and professional, helping you stand out and win new clients Track project status and collaborate with clients and team members Time-saving all-in-one bookkeeping that your business can count on Tax time and business health reports keep you informed and tax-time readyĪutomatically track your mileage and never miss a mileage deduction again Reports and tools to track money in and out, so you know where you standĮasily log expenses and receipts to ensure your books are always tax-time ready Quick and easy online, recurring, and invoice-free payment optionsĪutomated, to accurately track time and easily log billable hours Wow clients with professional invoices that take seconds to create
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