In the dynamic landscape of modern business, the threat of B2B payment fraud looms large. Fraudsters aiming to exploit vulnerabilities in the business payment process will often impersonate vendors and tamper with official documents, like invoices and bank letters, to divert a company’s funds from a real vendor to a fraudulent account.
To illustrate the ever-present danger of business payment fraud and show how hard it can be to discern a real document from a forged one, we created our Fraud or Not quiz. Now, we're inviting you to test your skills at detecting fraud.
Sometimes forged documents are obvious and can be caught immediately and flagged as fake. But with advanced AI tools and a bit of skill, a fraudster can make subtle adjustments to a document that would be imperceptible to the naked eye. They might take a real invoice and change some numbers, or adjust the placement of a signature or other copy. There's a lot at stake when a minor change can cause a payment to go to the wrong place and cost a business millions of dollars. So, how are Accounts Payable teams to know if they’re paying a fake invoice or not?
The quiz features a series of invoices and bank letters, some of which are truly fraudulent and some that represent real documents. The fraudulent examples in the quiz are based on real-world cases of forged documents that our platform has detected. For the "not fraud” examples, we based these on actual documents we’ve seen from vendors but ensured that any sensitive information is completely anonymized and changed to protect their privacy and information. While we did in fact make changes to the real documents to protect vendor privacy, all the fraudulent documents in the quiz contain several glaring inconsistencies and irregularities that go beyond the bank account data or names and addresses. Beware: while some of these issues might be obvious, others are practically unnoticeable!
Beyond scrutinizing individual documents for errors and red flags, this quiz prompts users to consider the following three important points:
To learn more about how our technology can distinguish fraudulent documents from real ones, contact us today and let’s look at it together.
Ready to test your skills in indentifying authentic and fraudulent documents? Take the quiz now.
They say a picture is worth a thousand words. For us, a picture of a fraudulent document is worth a conversation. For an in-depth analysis of each document and full explanations for each answer, get in touch and we’ll be happy to walk through the answers with you. Let's talk!