Gucci or Gotcha?

A person’s clothing says a lot about them—like who they are or what they aspire to be. I don’t consider myself a fashionista, but I do like nice things. However, I’ve never been one to try and keep up with the Joneses.

You don’t have to be a fashionista to be able to determine the difference between an authentic Gucci handbag and a fake. Some things that will help you identify a fake are messy or crooked stitching, logos that are unevenly spaced and asymmetrical, and the incorrect Gucci font on the labels. Even a non-fashionista like me can spot these clues.

There are also clues for identifying fake invoices that could be sent to your company. Fraudsters create invoices for supposedly legitimate products or services that were never received. With the advances in technology, fraudsters are getting better and better at faking them. In fact, the idea for this blog came from a fake invoice that our firm received recently. It was accepted as legitimate by the person who received it, but later questioned by the person responsible for approving the expenditure. This same invoice was forwarded to our fraud team for review. We were impressed by the steps the fraudster took to make the fake invoice appear legitimate.

Are your employees aware of this risk? Below are common clues I use to identify possibly fake invoices along with details on how the Invoice differed:

• Round dollar amounts. The invoice was for $3,495.00.
• Generic customer detail. The invoice contained a HORNE partner’s name as the approver along with his department.
• Vague service or product descriptions. The invoice had a detailed description including size and type of product.
• No contact information. The invoice included a physical address, phone number, and two email addresses, and even a federal tax identification number!

If you are purchasing new goods or services, be diligent to determine if it is real or fake. When you identify a suspicious invoice from a vendor that is new or unfamiliar, it is best to proceed with caution and research further. A Google search can tell you a lot. When I searched the vendor name on the invoice we received, the results were pretty clear. Multiple hits contained the vendor name and “fraud.” Employees need to be vigilant and take extra steps to prevent these fake invoices from being paid.

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