Don’t be a victim: Fake invoicing hinders growth for Businesses

Have you ever been impacted by a fake invoice scam?

Is it possible that someone sitting around the world use your hard earned money?

Are you the one who is unaware of the fake invoice scam that quietly dries up your business?

The fake invoice scam are largely targeting small businesses on the rise. The offenders get access to the company’s computer system when an employee clicks on the link in an email or just by taking advantage of the inadequate anti-virus software. The offenders mask themselves to send new bank detail information and an invoice for payment. It is important to be in controlled vigilant when online and use only those websites that offers buyer protection.

TO GIVE AN ILLUSTRATION:

The recent scam reported at Mackay, City in Queensland, Australia through the Australian Cybercrime Online Reporting Network (ACORN) . Let us understand how fake invoice scam works:

Take the business referred as B1, the customer involved will be referred to as C2. B1 and C2 have been doing business for a lengthy period.

 

  • B1 sends and email invoice to C2, the invoice usually contained in an attached PDF file
  • The email is not immediately received by C2-it is redirected as a result of malware to another account
  • Now it has been accessed by an external person, the account number and BSB numbers are changed to reflect the another bank account altogether
  •  The email then forwarded to C2 with the new and updated details
  • C2 pays the outstanding amount into the updated account and this money directly goes to the external person and not B1

Learn More: Fake invoicing scam targets Mackay business

WITH THIS IN MIND:

This is how the fast paced and rapidly evolving businesses get bombarded with scams. The costs both emotionally and financially can be substantial to businesses and families. This is not altogether an easy issue to protect yourself against the fake invoice scam.

Then how business owners should avoid becoming a victim of these scams? What to look out for? By arming with awareness, knowledge and practical advice lets you take the control back and stop criminals being in track.

ABOVE ALL, the cloud based online invoicing software like Invoicera offers businesses of all sizes a remarkably fast and cost-effective way to proactively deal with mounting invoicing fraud scams.

The time is right for businesses to prevent fraud invoicing before it reaches the epidemic proportions. Invoicera takes care of every invoice detailing, keeps security up-to-date and continuously keeps track of payments coming in and going out.

 

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Veronika Tondon is a business enthusiast with extensive experience in Invoicing & Payment Process. She has 6+ years of experience in Invoicera, the leading cloud-based invoicing solution as Invoicing Consultant. Sound knowledge in business process execution, offers end to end solutions for complete automation of business processes and AR/AP processes. Contact Veronica for your invoicing requirement.

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