Invoice fraud has become more prevalent in organizations of all sizes. According to The European Union’s law enforcement agency, Europol, the Covid-19 pandemic has increased the risk of invoice fraud as more businesses move online and accounts payable staff work in isolation from home.
Even prior to the pandemic, an increasing number of organizations were suffering at the hands of invoice fraud, with the Association for Financial Professionals reporting that as many as 81% of firms were targets of payment fraud in 2019.
The ways in which invoice fraud is committed are changing all the time and for organizations still operating under manual processes, their susceptibility to invoice fraud is also increasing.
In our latest blog, we discuss some of the most common types of invoice fraud that are being committed and outline a set of tips for both detecting and preventing invoice fraud within your organization.
Read the blog here.