FRAUD THROUGH INVOICES & OTHER DOCUMENTS

From Cyprus Police:

Fraud through invoices and other documents

Fraudulent fraud is also the so-called invoice fraud. In this case, the fraudster approaches an enterprise and 
pretends to be a supplier or service provider, asks to change the information on future invoice payments. In other 
words, it wants to change the details of the payee's bank account and any new payments to be made according 
to the new data. Of course, the new proposed account, given to the business / victim, belongs to the crook. 

The approach of the business can be done by telephone or letter or e-mail, or even in other ways. 


What can you do; 
As an enterprise:
-  Ensure that employees are aware of and aware of the specific form of fraud and how to avoid it. 

-  Apply a procedure to verify the legitimacy of your payment requests. 

-  Check the information posted on your business website, specifically your contracts and vendors. Ensure that 
staff limit disclosure of business information to social media. 

- Order the staff responsible for paying invoices to always carry out checks to detect any irregularities.

As an employee: -  Verify that all payment requests come from the 
actual suppliers of the business, especially if they ask you 
to modify their bank account details for 
-  future invoice payments or other invoices. 
-  Do not use the contact details included 
-  the letter / fax / e-mail in which the change data is requested. 
-  Instead, use the contact information from 
-  your previous correspondence with the supplier. 
-  Identify unique points of contact with businesses where you make payments at regular intervals.
-  Limit the information you disclose about your employer to social media. 
-  For payments that exceed a certain amount limit, specify a procedure for confirming the correct bank account
and the recipient (eg, contacting the business). 
-  When you pay an invoice, send an email notification to the payee. Write your bank's name and the last four 
digits of your bank account to secure the transaction. 

Always report any suspected fraud attempt to the Police, even if you have not sent money to this new account.