Does your Accounts Payable Process rely on suppliers emailing invoices to your business and your AP Staff then open each email one-by-one, download a PDF or file to their computer and then print each invoice to paper.

An AP Automation platform like, "Vision360 Enterprise", eliminates the need for AP Staff to open emails, download PDF files and print invoices. This dramatically reduces the risk of fraudulent emails exposing an organization to potential hacking or phishing schemes.

In addition, this is an incredible time saver by reducing the amount of time and energy it takes an AP Department to open and print emails.

An AP Automation platform like "Vision360 Enterprise" will apply a series of business rules and validations against the incoming invoices to further ensure that they are being submitted from "legitimate vendors". By having centralized processing coupled with consistent internal controls that are applied systematically and not relying on human intervention the risk of potential fraud is greatly reduced.

What are computer hackers?

Computer hackers are people who break into internet-connected devices such as computers, tablets and smartphones, usually with the intent to steal, change or delete information.

Just as other thieves have malicious intent, hackers usually find their way into devices for negative purposes. (However, one exception is so-called white hat hackers, whom companies hire to break into their devices to find security flaws that need to be fixed.) Hackers may want to steal, alter or delete information in your devices, and they often do so by installing malware (software used for malicious purposes) you might not even know is there. These thieves might get access to your most precious data before you’re aware of a break-in.

Types of hacking: Ransomware is on the rise!

Here are some of the reasons computer hackers break into devices:

• Financial crimes. We’ve all heard the classic story of somebody checking their credit card statement, only to find transactions they didn’t make. These false transactions are often the result of computer hackers stealing your credit card numbers, checking account info or gaining access to other financial data.
  
  
• Vandalism. Hacking has its own subculture, so some hackers may want to vandalize certain websites just to show off to other hackers. Does it sound ridiculous? Don’t make the mistake of not taking this motivation seriously; it’s fairly common, according to Malwarebytes.
  
  
• Hacktivism. This portmanteau describes a form of hacking somewhat like vandalism. Some hackers may want to alter or destroy certain websites for politically motivated reasons.
  
  
• Ransomeware. Ransomware is a type of malicious software (malware) that threatens to publish or blocks access to data or a computer system, usually by encrypting it, until the victim pays a ransom fee to the attacker. In many cases, the ransom demand comes with a deadline. If the victim doesn’t pay in time, the data is gone forever or the ransom increases.
  
  Ransomware attacks are all too common these days. Major companies in North America and Europe alike have fallen victim to it. Cybercriminals will attack any consumer or any business and victims come from all industries.
  
  

Accounts Payable Automation systems can modernize your invoice processing by reducing risk, providing cost control and increasing efficiencies. Please consider registering for one or our informational webinars or contact us directly for more information.

From payroll to accounts payable (AP), B2B payments fraud continues to threaten organizations of all sizes, industries and geographies.

It’s a risk to which no one is immune, even billionaire investor Mark Cuban, who recently spoke with reporters at CNBC about his own experience dealing with a nasty case of AP fraud.

Nearly $13 million was defrauded out of two finance companies over nearly six years by MyPayrollHR, admitted the payroll company’s CEO, Michael Mann, who pleaded guilty to a charge of conspiracy to commit wire fraud, reports in the Times Union said. Mann admitted to conspiring to fraudulently secure loans worth millions of dollars for Mann’s own companies. To do so, he reportedly represented false invoices allegedly owed to those companies in the form of accounts receivable. Reports noted, however, he has not entered a plea in response to charges of bank fraud.

$82,000 was stolen from Cuban’s first company via AP fraud, the entrepreneur told CNBC. He reflected on the experience that occurred at his first company, MicroSolutions, when he was only 24 years old. “I’m like, ‘OK, for our accounts payable, we print out the checks to the vendor,’” he recalled, adding that those checks were then given to a receptionist to pay suppliers. Yet that receptionist forged those checks to pay herself, leaving just $2,000 left in the company’s bank account — a scenario Cuban ultimately said helped him get more serious about his business ventures.

More than $300,000 was embezzled from a California company through its corporate card, reports in VC Star said. An internal audit of the Simi Valley business found one employee recently promoted had been misusing the company’s commercial card to make unauthorized purchases, while that individual is also accused of manipulating the firm’s payroll system to overpay herself. That employee has been arrested, reports said.

$740,000 was stolen from a Washington county via phishing attack, local Tri-City Herald reports said. An email posing as a legitimate construction vendor for Benton County requested an invoice payment, and a government employee fell for the scam that had convinced the employee to change the payment details for that particular vendor. Authorities were able to recover a majority of the funds. The case coincided with separate reports in The Durango Herald of a similar scam targeting county officials in New Mexico, which led to $447,000 stolen from Bernalillo County.

$4.5 million was embezzled from an Oregon company over a decade by a woman accused of submitting fraudulent invoices for a fake vendor. According to KEZI reports, that employee would then generate checks in AP to pay that false vendor, wielding her position in the company’s accounting and finance departments to then direct those payments to her personal account. The employee reportedly admitted to mail fraud, aggravated identity theft and tax evasion.

A $168.7 million invoice fraud ring was busted by Indian officials, the Hindustan Times reported recently. Three men were arrested under new Goods and Services Tax (GST) regulations following an investigation, which reportedly discovered the men allegedly falsifying invoices and companies in order to steal funds from iron and steel manufacturers.

In this week’s B2B Data Digest, PYMNTS uncovers the latest stories in B2B payments fraud from Cuban and others, including a busted invoice fraud ring in India, plus the latest on the ongoing MyPayrollHR fraud saga.

Reprint Credit: PYMNTS

PYMNTS is reinventing the way companies share relevant information about current developments in the connected economy space. Our powerful B2B platform is the #1 site in the U.S. and globally by traffic and the premier source of news and analysis for the industry.

Answer a few questions and get a quote. It's that simple!

The process of evaluating accounts payable automation solutions can be a daunting and very confusing task with all the options and possibilities.

Let's face it, accounts payable automation is not a new concept and has been around for years now. Once upon a time this type of solution was for the big boys, but today companies of all shapes and sizes can realize a significant benefit and reduction in accounts payable. 

If you're interested in the cost of accounts payable automation to decide if this is even doable for your organization or need a quote to satisfy your purchasing requirements then consider using our "SELF-SERVICE" quoting system.

An Accounts Payable manager from Carolina Steel Group, LLC is heading to jail after being convicted of multiple counts of wire fraud and money laundering. 
 
During her time at the steel company, Angela Womack, 51, allegedly opened personal accounts under the name ‘IBOCF’ and would create vendor cheques   payable to ‘International BOCF,’ attempting to cover her tracks by including  them on the company’s vendor reports... read the full story.