Business Invoice Fraud

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Business Invoice Fraud 

Even the largest technology firms aren’t immune to invoice fraud. According to an investigation by Fortune Magazine, both Facebook and Google unwittingly fell victim to a massive business invoice fraud scheme. The fraudster, a Lithuanian man known as Evaldas Rimasauskas, created invoices impersonating a large Asian-based manufacturer that frequently did business with the two companies to trick them into paying for bogus computer supplies. Over two years, the fraudster duped the two tech giants into spending tens of millions of dollars. By the time the firms figured out what was going on, Rimasauskas had allegedly stolen more than $100 million.

What you need to know: Business invoice fraud attempts to trick victims into paying out on a fraudulent (but convincing) bill addressed to your organization. In reality, the funds go to imposters mimicking suppliers. These hackers will often bill a reasonable amount so they don’t draw suspicion. But executing these scams hundreds or thousands of times quickly adds up.

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