Recently, both Google and Facebook were victims of fraud in which the criminal managed to convincingly impersonate an Asian manufacturer, generate fraudulent emails from the company, and invoice those huge companies for millions of dollars. This was done by simply forging invoices, contracts, and letters from the victim companies.
Luckily, Google and Facebook are large enough to have weathered this crime and could recover almost all the money that was swindled away. But could your company survive a similar fraud attempt, if even for a small fraction of the dollars stolen?
How often are you double checking invoices, letters, and contracts to ensure they are legally representative of the company you are doing business with? It doesn’t take but a minute to call your trusted point of contact at the company you’re contracting with to verify addresses, bank accounts, etc. You may think this is redundant or a waste of employees’ time, but don’t forget that a simple verification task can potentially save you from sending your money to a fraudster trying to steal your hard-earned money.