That way, your business is prepared to receive their invoice and pay it correctly. This includes going over timelines, methods of payment, and invoice formats. When doing business with a new vendor, take the time to discuss the invoicing process before you start a project. The Email Originates From an Unfamiliar Vendor Therefore, if you receive an invoice request with misspelled words, incorrect grammar, lack of personalization or unusual phrasing, this could indicate invoice fraud. In this case, scammers are not likely to put much effort into addressing you personally or crafting a perfectly worded email with flawless grammar. Like many phishing emails, a fake invoice email could be a generic scam designed to target as many people and businesses as possible. Discuss the payment process ahead of time with new vendors so you know what to expect when you receive your first invoice.Īs with any suspicious email, do not click any links that could take you to a fake site or download any attachments that could contain ransomware that locks down your system. If a regular vendor suddenly asks you to click a link to view an invoice online, follow up with them separately by emailing or calling them directly to see if they have changed their billing process. Therefore, if you receive an email containing a link to download or view an invoice, this could signify that it’s a fake invoice email.īefore clicking any links, verify the email message first. Most businesses do not share invoices via URL but rather an attached. Because these aren’t physical products, it can be difficult to verify if the purchase actually happened. Some scammers will impersonate tech companies to send phony invoices for digital purchases like apps and music. Taking the extra time to directly call or send a separate email can protect you from engaging with fraudulent emails and falling for fake invoice scams. If your business receives a request for payment for something you did not purchase, take caution and confirm with the vendor. Sometimes vendors make mistakes and send an invoice to the wrong customer or forget to cancel a recurring invoice. The Invoice Is for Something You Didn’t Purchase For example, if you receive an invoice that lists a whole number as the price per item or the total amount due which is different from the formatting of previous invoices - then that can be an indicator of a scam. For example, if an invoice lists unusually high quantities, billed hours, or prices, it might not be legitimate.įake invoices are likely to use different means of tabulating costs or total amounts. Pay attention if the requested amount is way out of line with normal charges. The Dollar Amount Is UnusualĪn inexperienced fraudster will often create an invoice for an outrageous sum, rather than trying to make it seem more believable. Instead of sharing these details via email, contact the vendor directly to confirm the need to change this information, first. If an email requests a change to banking or payment information, you should be suspicious immediately. However, a fake invoice email from a scammer might. Legitimate businesses understand the importance of protecting your financial information and will not request that you divulge these details via email. If you readily share sensitive information via email, that indicates to an attacker that you may be a prime target for a number of these scams. Sometimes a scammer will use a fake invoice email to test your organization’s vulnerability to business email compromise, phishing attacks, and other cyber scams. This includes anything from your email account address and phone number to your Social Security number or bank account number. You should immediately be suspicious if anyone asks for personally identifiable information (PII) online. Today we’ll go over ten indicators of fraudulent email invoices so your organization can avoid financial loss and irreparable damage. If your business processes hundreds or thousands of invoices each month, tricking you with a fraudulent email invoice can be quite simple. Invoice fraud is a popular and highly effective form of business email compromise because it can result in enormous payouts for scammers. In 2020, BEC attacks that used invoice or payment fraud rose by 155 percent, making it the most pervasive form of business email compromise. Do you know how to identify a fake invoice email? Invoice fraud is a form of business email compromise (BEC) in which a third party requests payment, fraudulently.
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