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Invoice scams

The trickster notifies the firm that the supplier payment details are different, and you need to send payment to an alternative account. Then, the scammers generate a fake invoice to get funds into their account or prompt the victim to enter their bank account credentials into a bogus login screen.

How Does It Happen?

The scammer researches the target, spoofs their email address, and then crafts a message to create urgency. Then, the target clicks on the links related to the invoice message and enters their credentials in the form.

They sometimes know the relationship between the suppliers and the company, and they also know the mode of payments or transaction details. Such crimes can be discovered when the legitimate suppliers conduct a follow up for the pending bills.

How To Protect Yourself?

  • Always check the details of amended bills related to payment instructions. Tricksters may imitate the email address to appear genuine, so check the address carefully.

  • If the request has been made on the phone, you should call back on the trusted numbers to confirm the changes.

  • Carefully check all the submitted invoices and compare them with the previously submitted ones to know the genuine details. 

  • Compare the wordings used in the letters, and see if the letter uses the legal terms.

  • Conduct audits and searches for crucial information. Remain vigilant and adhere to various processes. 

  • If you suspect any fraud, report to the other regulatory agencies.

Date Published: Feb 15, 2022

Types of fraud

A-Z of fraud

To help understand which fraud you've been affected by, we've categorised them into an alphabetical list.

What is fraud and cyber crime?

Cybercrimes can be of two types. First, it can be cyber dependent, where the fraudsters use online devices to convince the victim to accept their offers.

Advance fee fraud

If you are trying to get a loan for a house or a car, they ask to meet the provider to get the financing arrangement and pay the finder's fee in advance.

Corporate fraud

Corporate frauds can be complicated, committed either by the firm or an individual. Nevertheless, it mostly involves cheating where the employee or the firm.

Individual fraud

There are many types of individual frauds related to advance fees, investments, insurance brokers, bogus tradespeople, Ponzi schemes, pension liberation.

Online fraud

Hence the number of cases of online fraud is increasing each year, and most such cases include – account takeover, direct frauds, or scams related domain names.

Identity fraud and identity theft

The criminal uses the stolen identity of another person living or deceased to conduct unlawful activities like obtaining goods or services in another's name.
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