▲ ▼ Invoice fraud
Recently, a manager in the company I work for got caught for siphoning off money via fake invoices to the company. I came to know via my friends that this is a common occurrence and has occurred in some of their companies as well.
There are different types of invoice fraud, employee perpetrated fraud seems to be one of the common ways. Some has even gone to the lengths of setting up fake business to bill out $6 Million from their employer.
In other forms of invoice fraud, criminals convince account payable of businesses to payout a false invoice; even behemoths like Google and Facebook have fallen victim to this. Invoice fraud is said to cost small businesses Billions every year.
I think there is a need gap in detecting false invoices and streamlining the process of invoice payments altogether.
Hi Doku, I represent the company, Check an Invoice - https://www.checkaninvoice.com/
You are spot-on, and we are seeing more and more scams happening like this every day. £94 million was lost in 2018 in the UK alone, and that's only what was reported; most companies never publicize the loss as they don't want to tarnish their reputation, especially if it's a charity. AIG has even gone as far as saying Invoice Fraud is now the No. 1 cybersecurity insurance claim payout.
Feel free to say no if you don't see a fit, but would you be open to learning more about our solution? My email is [email protected], and my telephone is +44 203 318 5550.
All the best,
Hi, thanks for letting me know. How does your product address this problem?
Forward the email containing the invoice to a dedicated inbox or drag and drop it into your dashboard. Only email addresses authorised by you can send invoices to your account.
Before scanning an invoice for suspicious activity, CAI has an additional check to scan email domains. When an email containing the invoice is forwarded to the dedicated CAI inbox, all email addresses present in the email chain are verified, and an exception alert is created if an email address remains unidentified.
This feature acts as the first line of defence against phishing attacks, before scanning the invoice for other aspects of social engineering.
If you receive an invoice from a supplier that has not been invoiced before, you can quickly approve or reject them with a single click.
CAI will manage your approved supplier list and even notify you if they send an invoice with different details. We will soon be bringing in a new integration with Companies House.
Scanned invoices will be automatically uploaded to your ERP, which makes CAI easily fit into your accounts payable process.
This feature also saves time and reduces data entry errors for your organisation.
Check out our LinkedIn: https://www.linkedin.com/company/14021902
>CAI has an additional check to scan email domains
Hello Abishek, we will be adding a DMARC feature soon as it uses both SPF and DKIM to make sure an email address is not spoofed. Our current email thread checks protect against lookalike domains and unsafe contacts.
I've read that some managers prepare and issue invoices on the name of their clients to the company's AP to prevent delayed payments, if a tool is built to scan metadata then even such cases which may not be malicious may still get caught; although technically it may be still wrong according to company policies.
That's interesting, I didn't think of that. Still, as you said a company would still like to detect it.