Businesses, big and small, are often targets of scammers looking for an easy pay check. One of the most common schemes is invoice fraud, which can go unnoticed within day-to-day business operations. While invoice fraud isn’t new, it has become more effective as more and more companies transition to electronic billing.
Here are three common invoice fraud scenarios to lookout for:
- Fake Invoices. Scammers will go to great lengths to make their fake invoice look legitimate. In some cases, they “spoof” or gain access to a trusted vendor’s email address to send an invoice so the recipient doesn’t question the payment, even if it is directed to a different address.
- Overdue Payments. Scammers will send a threatening past-due invoice claiming they will shut down accounts or essential services if the invoice is not paid immediately. This is done to create panic so whoever is in charge of paying the bills doesn’t hesitate to pay.
- Embedded Malware. Fake invoices can also be used to send malicious links or attachments that install harmful malware. Once the malware is installed on the device, scammers can access personal and financial information.
Businesses should have established payment procedures to verify orders placed and payment processes for each vendor. When in doubt, contact the vendor directly to confirm the invoice – never be rushed into making a payment.
If you are a Merrimack customer and are concerned your personal or financial information was compromised, please call us directly at 603.225.2793.