Payment Redirection Fraud Prevention & Elimination
More than half of commercial construction industry contractors of all sizes report being routinely hit with email phishing attacks that focus on payment redirection, injecting a false invoice into the project stream, the use of domain spoofing and other measures to defraud companies on a routine basis. The cost goes into the billions of dollars. It is high time your company thought about eliminating this threat instead of trying to pretend you are special and won’t get hit – again.
An End Domain Spoofing
Domain spoofing is the most common tool used to beguile construction industry companies into paying a criminal using a diversion. It looks the same but isn’t the same. This goes for the invoice, the website, the payment portal – all of it. Criminals put a ton of time into researching the victim company, the employees, managers and vendors using analytical tools to determine who the best targets are and they are quite successful. That’s right, they know a lot about you before you even know they are coming. The median time to discovery of the scam is 14 months with losses generally greater than $100,000 if you have controls in place (over $200,000 if you have no controls). That’ll keep you up at night…
A better idea would be not to play this game at all, wouldn’t it? If you don’t want to play this game then consider subscribing to the iCREDIT program. Payment diversion fraud is not a possible outcome with the iCREDIT program because it operates in a fundamentally different manner thanks to technology and professional risk management processes that are potentially light years ahead of the rest of the industry that covers the spectrum of social engineering fraud.
Social Engineering Fraud
Invoice phishing and other online scams are part of the “social engineering fraud” designation that covers a broad array of criminal activities that routinely victimize the world to the tune of more than $4.5 trillion annually. Invoice phishing, payment diversion, phony liens, phony companies, insider/outsider embezzlement and similar operations all fall under this umbrella that is utilized to victimize us all. You don’t have to play if you don’t want to but many of us roll the dice and lose the game.
Take charge by talking to Rainmaker Analytics. The iCREDIT system represents years of development, construction, finance, accounting, business management and reporting expertise that has been combined to create the only true fraud elimination system available in the market today. For a limited time, you can acquire and subscribe on a reduced cost basis that can be demonstrated to reduce your operating expenses, not increase them – that means a potential net zero cost to eliminate fraud and embezzlement from victimizing your company, shareholders and reputation. Give us a call today. Benefits start Day 1.