What policies should be implemented by companies to detect phony invoices sooner?

What policies should be implemented by companies to detect phony invoices sooner?
April 29, 2021 Comments Off on What policies should be implemented by companies to detect phony invoices sooner? Uncategorized Assignment-help
Words: 208
Pages: 1
Subject: Uncategorized

Prompt A popular method for defrauding a company is to issue a phony invoice. The scam begins by initially contacting the target firm to discover details of key business contacts, business operations, and products. The swindler then uses this information to create a fictitious invoice. The invoice will include names, figures, and other details to give it the appearance of legitimacy. Scott County Schools was a victim of the above scam in 2017. Scott County Schools in Kentucky announced that it was the victim of a major attack that resulted in a loss of $3.7 million. This was a typical invoice scam where the school was notified that an invoice was outstanding, the school duly paid the fake invoice. Once the fact this was a wire fraud incident, the FBI was contacted, and attempts were made to recover the funds. Initially, it was it is unclear whether it will be possible to recover the money. Just today it was confirmed that the school district in Kentucky recovered the $3.7 million stolen by the hacker in this cyber wire fraud scam. 1-Begin by reading the prompt then Answer the two (2) discussion questions: 1-How can scams like this be avoided? 2- What policies should be implemented by companies to detect phony invoices sooner?