Invoice Phishing Prevention
Invoice phishing is a form of fraud where the victim receives an invoice from an entity claiming they are a creditor that is not a creditor. This fraud relies upon a variety of means (“spoofs”) to work. This cottage industry of crime costs investors, lenders and/or businesses billions of dollars annually.
You have probably been victimized by invoice phishing fraud and don’t know it. You think you know what is real, but do you? In 2019, tech giants FaceBook and Google suffered more than $120 million in losses to a single invoice phishing fraud. If the giants of the tech world can’t prevent the fox from stealing their own chickens, your chickens stand to be cooked, don’t they? The guilty man was charged but that is cold comfort to the shareholders of these companies as this is preventable.
Invoice phishing and other fake email invoice scams rely upon the attacker knowing who your key payment processing managers are or how your company goes about processing payments. The goal is to make the invoice small enough that it is not worth your time to check on it, you just pay it because “so-n-so” sent you an email supposedly asking you to pay this invoice.
iCREDIT is the only system available that prevents invoice phishing from being a workable form of fraud for monitored transactions. It’s just not a possible outcome. Whether the fake invoice is created by someone outside your organization or inside your organization, iCREDIT locks the bank and prevents this outcome from victimizing your company’s accounts.
Phony invoices cost businesses more than $5 billion annually – a tidy sum. What is keeping you from being next?