Heightened alert for fraudulent invoices and emails at close of Accounts Payable period
Fraudsters know that as the end of accounts payable period approaches, there may be increased pressure on staff due to fiscal year close-out payment activity. Be on alert for attempts to submit fraudulent invoices, emails, and vendor file changes designed to redirect payments or infect remote equipment. Here are some end of fiscal year tips for all staff:
Continue to follow normal validation procedures for all invoices to ensure that an invoice has not already been paid and is legitimate.
Be cautious of emailed invoice submissions since these are the primary means hackers use to trick staff into clicking on malicious links or opening infected attachments.
If you think you have opened a fraudulent email or document, notify your IT staff immediately to ensure that your equipment has not been infected. Infections do not always impact your equipment immediately, but are designed to spread ransomware and other malicious software throughout the network.
Do not accept electronic submissions or phone calls requesting payment without taking the necessary steps to validate vendors and invoices from on-file information.