B2B Payments

Basware’s April Fools’ Fake Invoice Stunt Is No Joke

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.

Digital procurement and eInvoicing methods are key to reducing fraud in the accounts payable department, the firm added.

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LATEST PYMNTS REPORT: MARCH 2020 B2B API TRACKER  

B2B APIs aren’t just for large enterprises anymore — middle-market firms and SMBs now realize their potential for enabling low-cost access to real-time payments and account data. But those capabilities are only the tip of the API iceberg, says HSBC global head of liquidity and cash management Diane Reyes. In this month’s B2B API Tracker, Reyes explains how the next wave of banking APIs could fight payments fraud and proactively alert middle-market treasurers to investment opportunities.

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