Data Protection and GDPR Level 3 for Managers and Business (VTQ)

64 videos, 2 hours and 55 minutes

Course Content

Invoice fraud

Video 49 of 64
2 min 40 sec
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Invoice Fraud Prevention

Understanding Invoice Fraud

New Form of Crime: Invoice fraud poses a data protection risk and is increasingly prevalent.

Methods: Fraudsters send fake invoices or manipulate existing business relationships to redirect payments.

Risk Factors

Universal Threat: All businesses, regardless of size, are susceptible to invoice fraud.

Email Risks: Email addresses can be altered, leading to unintentional data transfers to fraudsters.

Preventive Measures

  • Vigilance: Employees handling invoices should meticulously scrutinize for irregularities.
  • Verification: Changes to supplier financial details must be verified through established channels.
  • Payment Confirmation: Notify suppliers of payment details to confirm transactions.
  • Bank Statement Review: Regularly monitor bank statements for suspicious activity and report promptly.
  • Validation: When in doubt, verify requests using official contact details to confirm authenticity.
  • Online Presence: Assess the necessity of publicly available supplier information to reduce exposure.

Additional Resources

For further information and guidance on preventing invoice fraud, refer to HSBC's resources available here.