▲ 4 ▼ 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.
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