Embridge Consulting
News & Blog

Is your business vulnerable to invoice fraud?

In a recent report by UK Finance (Business Payments Report) suggests that 43 per cent of businesses were unaware of the existence of invoice fraud!

Fraud is a very real threat to UK businesses. Only last week an acquaintance of mine was subjected to a sophisticated invoice fraud racket, where his customers were asked to pay funds into another account. It was only when spotted by an eagle-eyed customer, who was asked to pay a further deposit, that they realised that it was out of character and much therefore be a fraudulent request.

According to figures published by UK Finance in 2018, fraudsters stole almost £93m from UK firms through this type of invoice scam.

In a recent report by UK Finance (Business Payments Report) suggests that 43 per cent of businesses were unaware of the existence of invoice fraud! Based on a survey of 1,500 businesses across the UK, the report found that awareness of this type of scam tends to rise as the size of the business increases. Only 55 per cent of sole traders were aware of the threat of invoice fraud compared to 84 per cent of large businesses.

However, despite that fact an increase in size of business generally correlates to a higher number of invoices and therefore increased chance of receiving a fraudulent invoice, based on these statistics over 1200 registered large companies in the UK are vulnerable to invoice fraud! (16% of the 7,700 large businesses registered in the UK with excess of 250 employees)

There are many ways to help protect yourself and minimise the risks of invoice fraud for your business, here are a few top tips:

Invoice Activity Tracking

1

If a supplier suddenly significantly increases the number of invoices being sent from one month to another, this could be a sign that something may not be quite right, so it’s best to get in touch and double check that the invoices are genuine.

Build Relationships with Your Suppliers

2

Building a relationship with a single point of contact or knowing your contacts can provide a certain amount of confidence so if a request is made that differs from the usual pattern, it may get red flagged.

Internal Communications

3

Make sure all staff are aware of invoice fraud and fully trained in accordance with your compliance requirements, particularly those that are responsible for making or receiving payments.

Verify new payment or amended instructions

4

Use details from a company’s official website and documentation to verify new payment or amended payment instructions and not from the new instructions, as fraudsters can account email accounts and produce spoof emails. It is generally advised to call your contact directly to check any changes are indeed correct.

Consider using Invoice Fraud Protection software

5

Invoice fraud protection software can automatically flag suspected fraudulent invoices before they are paid and verify the invoice against existing patterns of behaviour to offer greater protection against inbound invoice fraud. It also removes the time-consuming, manual and somewhat intuitive response to approving invoices saving your team valuable time and any doubt over identification.

How can Embridge help you to combat Invoice Fraud…

Embridge Consulting’s unique software is the only option in the market to identify fraud as it arrives, before it enters your business ERP or FMS system and most importantly, before it is processed and paid. Read on for more information.

With Invoice Fraud Protection, all invoices that enter your business are checked at line level, critically analysed against known authentic invoices and then checked for fraud indicators. If fraud is detected, the invoice is quarantined for investigation to be either deleted, forwarded to a specific email address or any other bespoke action your business requires.

Our software puts your business in control of managing invoice fraud rather than the ambiguity of potential fraud or clawing back funds from invalid invoices that have been already paid.

Unlike other fraud detection software, our solution identifies fraud before it enters your business software and because it extracts the data directly from the invoice before being processed, it is not dependent on templates or error-prone image-based comparisons. Our software looks for invoice data wherever it is on the page and identifies abnormalities as well as other known identifiers that could indicate fraud.

Read our blog on https://embridgeconsulting.com/5-pain-points-accounts-payable-experience-with-manual-processing/

free 1-2-1 workshop

A free 1-2-1 workshop that delves into the challenges and pain points experienced in the Accounts Payable process.

About
Embridge Consulting

About Embridge Consulting

Embridge Consulting is a leading boutique systems integration consultancy, specialising in Unit4 ERP and other partners.

Founded in 2009 and headquartered in the UK, the consultancy works with clients in the public sector, nonprofit, professional services, and other sectors to provide a more personal and tailored client experience compared to other, more traditional global systems integrators. Through professional and experienced consulting, best-in-class ERP technology, training, and a commitment to continual client improvement, Embridge is helping clients achieve faster time to value from digital transformation programs, at lower cost and with less risk.

Press Contacts
Please email Enquiries@embridgeconsulting.com or call 01474 555 505

Embridge Insights
News & Blog

More News

North Warwickshire Borough Council selects Embridge Consulting and Unit4 to drive operational efficiencies in the finance function

Read More

Embridge Consulting selected for the newly launched G-Cloud 13 framework

Read More

Islamic Relief Worldwide selects Embridge Consulting to deliver Unit 4 ERP to modernise business operations as part of digital transformation

Read More

Contact Embridge

Empower your people, processes and technology.