Messy paper trails, deepfakes, and manual processes make invoice fraud easy.
Disorganized invoice processes are fueling organized crime—yes, that organized crime, along with a few rogue individuals— to become more professional.
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44% of businesses have been targeted by invoice fraud
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Business Email Compromise (BEC) scams hit 43% of businesses surveyed
Is that really you?
- Deepfakes, which create convincing-but-false audiovisual content, pose potential risks in identity verification with 34% of businesses targeted by identity theft
- 53% of finance professionals have been targeted by attempted deepfake scamming attacks
- 43% admit they have ultimately fallen victim to an attack
- Only 40% of professionals, however, say protecting the business from deepfakes is a top priority
$133,000 is a lot to lose.
20% of finance professionals are unable to estimate how much fraud is costing them—because they’re often unaware that it’s happening—but the other 80% put the average cost at $133,000 annually.
Are you fighting fraud with one arm tied behind your back?
Finance leaders are trying to take on fraud, but mostly on their own.
- In 44% of the organizations, finance is solely responsible for preventing invoice fraud.
- Only 13% of companies collaborate across finance and IT to prevent and catch payment fraud.
Here’s how you stop fraud.
- Validate important vendor data—make sure they are who they say they are.
- Build in some regulations and a few checks and balances.
- Invest in anomaly-detection technology, so if something isn’t right, it stands out.
- Automate payments and protect the invoice process, end to end.
What's the answer?
If you want to dive deeper and learn more about invoice fraud, check out our limited series podcast, Accounts Deceivable, which looks at a growing category of white-collar crime: invoice fraud.