Cybercrime is on the rise, and businesses of all sizes are increasingly becoming targets. One of the most common tactics used by fraudsters is invoice interception. By hijacking legitimate invoices and altering banking details, these criminals can divert funds into their own accounts, and it is highly likely that you may never see these funds again.
Invoice fraud can have devastating consequences for your business. Taking proactive steps to protect your finances can significantly reduce the risk of falling victim to this crime.
At Cutcher & Neale, our Club & Hospitality team is dedicated to safeguarding your business from financial risks. By leveraging advanced data analytics, we can pinpoint potential vulnerabilities within your financial systems, such as invoice fraud. Our team can help protect your business by reviewing your supplier master file and implementing industry best practices.
To further strengthen your financial controls, we recommend updating purchasing and payment policies to outline clear procedures for changing supplier details, especially regarding bank account information. These policies must be communicated to all employees, particularly new starters.
Our data analytics software and expert team enable us to review your supplier master file thoroughly. Through this process, we often identify issues like duplicate suppliers or missing ABN details. We recommend an annual review of this file to ensure accuracy and prevent errors. Inactive suppliers should be removed or marked accordingly to minimise the risk of incorrect payments.