November 15, 2021

Invoices Open The Door To B2B Payments Fraud

There is more than one way to commit B2B payments fraud. But in this week’s B2B Data Digest, a roundup of the latest cases reveals all roads lead back to the invoice. Whether it’s the Business Email Compromise or a scheme to avoid customs duties, the invoice can be a dangerous source for financial crime.

15 years in prison is a doubling of a sentence previously imposed on a Texas man for invoice fraud. MarketWatch reports said the individual saw his sentence more than double following law enforcement’s discovery of a $12 million invoice fraud scheme he was reportedly running while already awaiting trial for a separate scam. Federal prosecutors said this person falsified invoices to defraud a supply chain financing firm between late 2018 and early 2019. The crime, which involved submitting fake invoices to receive financing, occurred while out on bail for a separate crime of…

Read full article here: