Understanding e-Invoice fraud

Invoice fraud is a deceptive practice in which counterfeit or fake invoices are presented to extract unauthorized funds from an unsuspecting victim, whether an individual or a company.
The goal is simple: to reroute funds under the guise of legitimate business transactions.

The most common techniques used by fraudsters are:

• Duplicate invoices: a single invoice is sent multiple times, allowing multiple payments to be tracked.
• False invoicing: companies receive invoices for goods or services that do not order/exist.
• Invoice repurposing: a real invoice is intercepted and modified to change the amounts or bank details to receive inflated amounts or to mistakenly route payments to fraudulent accounts.
• Phantom suppliers: This involves the creation of non-existent suppliers where fraudsters pose as legitimate suppliers.
  Payments made to these fictitious entities end up in the pockets of the fraudsters or, sometimes, the dishonest employees who orchestrate the fraud.
  This may include creating fake email addresses that look nearly identical to your suppliers' addresses (for example, by changing just one letter) to make it appear that payment is being requested from a legitimate, trusted email address.