Invoice fraud is one of the fastest-growing threats to finance teams, costing organizations an estimated 5% of revenue each year, with an average loss of $125k per case. Understanding the warning signs is the first step toward protecting your payments.
The Most Common Invoice Fraud Schemes
Fraudsters use a range of tactics to slip illegitimate payments through AP teams:
-
Fake invoices for goods or services never delivered
-
Duplicate invoices submitted multiple times
-
Phony suppliers impersonating real vendors with fraudulent bank details
-
Inflated invoices charging higher quantities or rates than agreed
-
Phishing scams requesting payment detail changes under false pretenses
How Corcentric Helps Stop It
Corcentric StopFraud™ combines multi-factor validation, continuous supplier enrollment, and expert oversight to detect red flags early and prevent fraudulent payments before they occur. It’s a service-driven approach designed to strengthen financial controls and safeguard every transaction.
