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Küberturvalisus - 31.07.2020

Invoice fraud can be avoided with caution

Invoice fraud can be avoided with caution Photo: SEB

This can mean that the company pays the invoice to the fraudster and remains in debt to the actual business partner, thus suffering double damage.

How to protect yourself from invoice fraud?

This type of fraud is easy to avoid if the company and employees have clear rules and procedures for paying invoices. First, the company should ensure that its employees are aware of this type of fraud. Explaining why certain invoice payment procedures are used raises staff awareness.

It is recommended that the company establish procedures to verify the legality of payment claims. This significantly reduces the chances of fraud, as fraudsters must always prove that they are the suppliers, creditors, or partners of the company.

Check what information you have disclosed about your partners and whether it can be used to create a fraudulent scheme. If the fraudsters do not know which companies you partner with, your company is less likely to be attacked by cybercriminals.

Do not disclose data

Successful fraud prevention therefore depends to a large extent on the company’s employees and the agreed rules. Caution and awareness are extremely important.

If an e-mail is sent to a company employee and its sender, content, and attachment seem suspicious, you should not open the attachment or contact the persons listed in the e-mail. First, do a quick internet search to find out the background of the sender. If the company has an official website, contact the people listed there and discuss the content of the e-mail.

If your partner company frequently invoices you, assign a single contact for payments. In this case, there will be no confusion and problems, and you can be sure that it is indeed the business partner who wants to change the invoice information.

In case of larger invoices, confirm with the business partner the name of the bank where you are transferring the money and the last four digits of the account number. This way, you can be sure that the money reaches the right account.

Most importantly, do not disclose details of your business, such as the name of the company to whom you make large transfers. If the information is not publicly available, fraudsters will find it more difficult to scam you.



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