Procure-to-pay firm Basware made headlines last week with the news that it reached a deal to acquire U.S. rival Verian for $36 million. But, just a day later, the company struck again, this time with a stunt to raise awareness about fraud in the B2B payments space.
Basware announced on Friday (April 1) — April Fools’ Day — a campaign that sends out fraudulent invoices to highlight the ease with which cybercriminals can convince a business to pay an illegitimate bill.
The stunt was in response to the 44 percent of businesses that admitted they have been a victim of fraud in the last three years by getting hit with a fraudulent bill, Basware pointed out. Duplicate invoices, too, are becoming a problem, with millions worth of funds paying bills that had already been paid.
Basware added that the campaign was also an effort to reduce the assumption held by many corporations — “it will never happen to us.”
“Companies of all sizes, across all industries, are at risk of fraud from internal and external sources,” said Basware UKI Marketing Manager Michelle Urwin in a statement. “This campaign is quite unconventional and lighthearted, but it has a serious educational message about helping organizations to monitor risk factors and avoid the damage of duplicate, fraudulent or erroneous payments.”
The company also noted the consequences of paying a fraudulent invoice. These funds can rarely be recovered, Basware said, while fake bills can damage valuable relationships with suppliers and reduce company trust in its employees.
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Digital procurement and eInvoicing methods are key to reducing fraud in the accounts payable department, the firm added.
