Spotting Fake Invoices: Protect Your Business from Invoice Fraud

Invoice fraud is a real and growing problem for businesses, and it can happen to anyone. A fake invoice sneaks into your system, disguised as legitimate, and before you know it, your company’s paid for goods or services that were never delivered. But how do you spot these fraudulent invoices before it's too late? One of the most important things to look out for is discrepancies in invoice details—whether it’s incorrect vendor information or unusual payment terms. Even small inconsistencies can raise a red flag.

Another common issue is duplicate invoices. Fraudsters often rely on sending the same invoice more than once, hoping that it slips through unnoticed in a busy finance department. Establishing a strong approval process can make it easier to catch these duplicates and prevent them from being paid multiple times.

Technology plays a huge role in stopping fraud before it becomes a costly mistake. Automation tools can help streamline your accounts payable process by flagging suspicious invoices, checking for inconsistencies, and making sure vendor information matches what’s already on file. Having these safeguards in place can save both time and money, freeing your team to focus on more strategic tasks.

But technology alone isn't enough—you also need your team to be aware of potential threats. Fraud awareness training can help employees recognize common tactics used in invoice fraud schemes. When everyone in your organization understands how these scams work, they’re better equipped to stop them in their tracks.

A combination of vigilance, good processes, and the right technology can significantly reduce your risk of falling victim to invoice fraud. If you'd like to dive deeper into how to protect your business, the full article at Corcentric provides excellent tips on spotting and preventing fake invoices. It’s definitely worth a read for any business looking to tighten up its payment processes.

RVNA Tech is a Corcentric services partner. Contact RVNA Tech to schedule a free assessment of your Payment Fraud vulnerabilities and to schedule a solution demonstration. 

For more insights on how to identify and prevent invoice fraud, check out the original article on Corcentric’s blog here.