Small and medium-sized enterprises (SMEs) can be particularly vulnerable to fraud due to harsh economic conditions and limited resources. In addition, many SMEs may not have a dedicated IT or cybersecurity team, leading to little awareness about the risks associated with invoice fraud attacks.
However, many owners and managers may be unaware of the risks their businesses face when dealing with payments and invoices for suppliers.
In many cases, the fraud is usually only uncovered when a genuine supplier chases for non-payment.
Ensuring employees receive ongoing ,security awareness training in identifying scams, particularly those in accounts payable, is essential. The consequences of falling for this type of fraud can inevitably result in redundancies and the closure of businesses.
By adopting robust internal controls and processes along with effective accounting practices, businesses can go a long way towards combating the threat of supplier invoice fraud. Companies should foster a culture of fraud awareness within their workplace to reduce the associated risks.
Ready to prepare your staff with security awareness training? ,Contact us today to learn more.
For further information regarding the help and support we can offer your accountancy firm (including fully-funded support), you can view our ,dedicated support page for accountants.
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