Methods and Tricks Used In False Invoices Scammers use various social engineering techniques to trick people into sharing confidential information or moving funds to their bank accounts. Here are some techniques to carry out the fake invoice scam:
Mimic a Legitimate Vendor Fake invoices are often simulated in a format that matches a particular vendor's invoice, although they modify the payment account number. This helps them appear legitimate at first glance. They can even copy an actual invoice, so that reference details such as dates, purchase order number, customer numbers, and invoice number are all accurate.
Pick an "Acceptable" Invoice Value Fake invoices are often deliberately priced to meet standard authority thresholds, accepted or signed by mid-level managers and staff in charge. When a busy "approver" receives an invoice with a value within the range of normal expectations, they will accept it and proceed with the payment process. Other methods that can be used as a complement or variety of the false invoice scam are:
Smishing Phishing Vishing Love scam Identity fraud Fraud in online purchases CEO fraud
Red Flags To Spot The Fake Invoice Scam As we mentioned earlier, fake invoices often look like legitimate invoices in a format and even in name. However, many false invoices contain signals that help us identify them more easily. For this reason, when processing invoices, it is essential to pay attention to the following red flags: Business Directory Invoices: Many scammers send a false invoice to a business or individual employee regarding a business directory renewal. Cybercriminals with this scam generally become aggressive and feel the need to contact the company to demand payment for the product. Web Domain Renewals: Another common scam is billing for web domain renewals. These invoices generally come from a different company than those that sent the above renewal notices; however, they may have an official or similar name.
Most Frequent Invoices: You have to consider the frequency with which invoices arrive for specific products and services. It appears that scammers invoice a product more frequently than the legitimate company. For example, if you pay the printer rental fee once a month but receive two invoices in August, you need to contact the company before making the payment. No Purchase Order: Legitimate invoices almost always contain the corresponding purchase order. However, many false invoices do not include a purchase number. At Cybera, we battle against financially-motivated fraud, helping businesses and institutions