The Hidden Cost of Fake Invoices: $127,000 Lost Per Incident
Fake invoice fraud is a significant issue affecting small and medium-sized businesses, with average losses of approximately $127,000 per incident. This type of fraud often goes unnoticed until the legitimate vendor inquires about late payments. The attack is executed quickly, typically within minutes, making it a serious threat to companies that process payments via wire transfer or ACH.
- ▪Business email compromise (BEC) fraud resulted in losses exceeding $2.7 billion in 2022.
- ▪The majority of BEC victims are small and medium-sized businesses due to their limited fraud detection controls.
- ▪The attack involves intercepting legitimate vendor emails and modifying invoices in a matter of minutes.
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try { if(localStorage) { let currentUser = localStorage.getItem('current_user'); if (currentUser) { currentUser = JSON.parse(currentUser); if (currentUser.id === 3561015) { document.getElementById('article-show-container').classList.add('current-user-is-article-author'); } } } } catch (e) { console.error(e); } Iurii Rogulia Posted on May 27 • Originally published at htpbe.tech The Hidden Cost of Fake Invoices: $127,000 Lost Per Incident #pdf #security #fraud #webdev Originally published at htpbe.tech. The version on htpbe.tech stays in sync with the latest detection algorithm — refer to it for the canonical text. Every week, finance teams around the world approve wire transfers that never reach the intended vendor.
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