Even the largest technology firms in the world aren’t immune to invoice fraud. According to an investigation by Fortune Magazine, both Facebook and Google unwittingly fell victim to a massive business invoice fraud scheme back in 2013. The fraudster, a Lithuanian man known as Evaldas Rimasauskas, created invoices impersonating a large Asian-based manufacturer that frequently did business with the two companies to trick them into paying for bogus computer supplies. Over two years, the fraudster duped the two tech giants into shelling out tens of millions of dollars. By the time the firms figured out what was going on, Rimasauskas had absconded with more than $100 million.
But Business Invoice Fraud is not just big business. Small businesses and charities are regularly targeted with invoice fraud because they are significantly more likely to fall for the fraud. In the first quarter of 2022 alone, Hedgehog responded to 2 of these frauds a week.