Businesses should be on the lookout for fraudulent invoice emails at the beginning of each month. In this common scheme, called “Invoice Fraud,” scammers take advantage of the fact that many businesses receive an influx of invoices around this time and try to trick employees into giving out information, sending funds or clicking on links.
While invoice fraud isn’t new, it has become more effective as more and more companies opt to or are required to receive invoices electronically. Common invoice fraud scenarios include:
- Overdue payment to a fake business. Recipients are bullied into paying invoices due to their threatening nature. Be wary if the requestor is pressing you to act quickly or shut down accounts or other services.
- Malware disguised as an invoice. A fake invoice is used to encourage victims to click on a fraudulent link or attachments deploying harmful malware with the goal of stealing information or accessing accounts to commit fraud.
- Invoices claiming to be from a legitimate vendor. In some cases, the scammer may spoof or gain access to a trusted partner’s email address and send a convincing-looking invoice. Through the routine nature of the paying invoices, the recipient may not question sending a payment, even if it’s directed to a different address.
Carefully vet all emails that contain links and attachments and only click if you are confident the email is authentic. When in question, contact your vendor directly to confirm. Learn more about business email compromises at the Federal Bureau of Investigation website.
If you ever feel information related to your financial accounts with us has been compromised or if you have provided payment or financial information in response to a suspicious email, please call directly at 800.922.6872 so that we can assist you with protecting your accounts.
