Invoice fraud involves a fraudster sending fake invoices claiming to be from a genuine supplier, usually notifying your company that their payment information has changed and providing alternative details to defraud you.
Invoice fraudsters are sometimes aware of existing supplier relationships and will usually know the details of when regular payments are due. Often invoice fraud is only discovered when the legitimate supplier follows up on non-payment of invoices.
Fraudulent invoices are usually well-crafted and can be difficult to spot. Fraudsters send invoices from an email address that appears to come from your genuine supplier.
Once you send a payment it is often difficult to recover those funds, therefore, it's extremely important for your businesses and finance team to be extremely observant when making payments to suppliers, especially when payment details are changed.