10 min read . 27 March 2025
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Accounts Payable Fraud: Real Cases, Prevention Strategies & How to Respond

Table of Contents

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    Introduction

    Accounts payable fraud is a growing concern for businesses of all sizes. Fraudulent activities can lead to significant financial losses, damaging the company’s bottom line and reputation. In 2024, finance teams saw an average of 13 attempted and 9 successful invoice fraud cases, with the average loss totaling $133,000 in the US and £104,000 in the UK.
    Fraudsters exploit weak security systems to manipulate payment processes. Digital transactions make payments faster but also create more vulnerabilities for cybercriminals. Fraud isn’t limited to cyberattacks- manual fraud, weak compliance, and poor reconciliation can also lead to unauthorized transactions. Employees with unchecked access may manipulate invoices, approve fake vendors, or alter transaction records without detection.

    Companies must strengthen financial security by implementing strict compliance measures, real-time monitoring, and AI-driven fraud detection.

    List of 6 common fraud in AP includes fake vendors, BEC, manual edits, duplicates, mismatches, and tax mischarges.

    According to PYMNTS.COM, the fraud detection and prevention (FDP) market was worth $24 billion in 2021 and is expected to reach $66 billion by 2026. The major driver of this rapid growth is the surge in digital transactions. As businesses shift towards online banking and digital payments, the need for advanced fraud prevention solutions has never been more critical.

    This guide explores real fraud cases, a fraud detection checklist that ensures prevention strategies, and an incident response plan to help businesses detect fraud early, stop financial losses, and strengthen security.

    Notable Accounts Payable Fraud Cases from Around the World

    1. Large-Scale Business Email Compromise (BEC) Fraud

    A major multinational company fell victim to a sophisticated Business Email Compromise (BEC) scam, where fraudsters impersonated a trusted supplier and submitted fraudulent invoices. Over several years, the company transferred more than $100 million to fraudulent accounts, believing they were paying a legitimate vendor. The fraud went undetected due to forged contracts, fake email domains, and manipulated payment requests.

    Why is this relevant today?

    BEC scams continue to rise. A 2024 survey of 1,550 senior finance executives revealed that 43% of businesses experienced a BEC attack. As cybercriminals refine their tactics, businesses must strengthen email verification processes and fraud detection systems to avoid falling victim.

    2. Internal Fraud Through Fake Invoicing

    A construction firm suffered losses exceeding £1 million after an employee exploited weak invoice verification controls. The fraudster created fake contractor identities and processed 148 false invoices over several months. The scheme was uncovered during an internal audit, which identified repeated payments to non-existent vendors.

    How common is internal fraud?

    Studies show that 56% of finance professionals in the US and UK have spotted or suspected internal fraud in their organizations. Fraud often goes unnoticed for months or even years when companies lack strict invoice verification and vendor management controls.

    The Lifecycle of a Fraudulent Invoice

    Journey of fake vendor fraud where either missed KYC, no invoice matching, no threshold alerts led to late detection

    Checklist for Compliance & Fraud Prevention

    Fraud often happens when internal controls are weak. Criminals exploit inadequate vendor verification, invoice processing gaps, and poor transaction monitoring. Below, we will first present problem cases that highlight these vulnerabilities, followed by a detailed fraud prevention checklist to help businesses safeguard their accounts payable operations.

    1. Vendor Management

    Problem Cases

    • Vendors provide fake locations, making verification difficult without on-site inspections.
    • Employees manipulate vendor records to add fake suppliers and process fraudulent transactions.
    • Fraudulent vendors use fake business licenses and tax IDs to get approved, leading to unauthorized payments.

    Checklist

    • Vendor Verification: Conduct thorough due diligence before onboarding any new vendor. Require business licenses, tax ID verification, and reference checks. Utilize AI-based due diligence/KYC solutions to validate documents against government portals and PEP Watchlists, ensuring vendor legitimacy.
    • On-Site Inspections: Perform random physical site visits to confirm a vendor’s location and operational legitimacy.
    • Secure Vendor Onboarding: Maintain a centralized vendor master data management system to track approvals, changes, and status updates in real time.
    • Regular Supplier Audits: Conduct periodic reviews of vendor accounts to confirm activity, validate transactions, and detect anomalies before payments are processed.

    2. Invoice Processing Controls

    Problem Cases

    • Invoices lack proper reconciliation with purchase orders and receipts, leading to overpayments or payments for incorrect quantities.
    • Vendors submit the same invoice multiple times with slight modifications, bypassing manual reviews and causing double payments.
    • Payments are processed for invoices that do not match approved purchase orders, leading to financial discrepancies and fraud risks.

    Checklist

    • Invoice Matching: Implement a 6-way reconciliation system that cross-verifies invoices against purchase orders, SOWs, MSAs, Vendor Master, government Invoice & Tax portals. 
    • Duplicate Invoice Checks: Use AI-driven automation tools to detect and flag duplicate, multiple, or multi-part invoices before processing payments.
    • Segregation of Duties: Ensure that the person approving an invoice is not the same individual processing the payment.
    • Invoice-to-Payment Reconciliation: Implement automated matching between incoming invoices and outgoing payments to detect discrepancies. Regularly reconcile invoice amounts, payment records, and purchase orders to ensure accuracy and prevent financial mismatches.

    3. Payment Controls

    Problem Cases

    • Payments get processed without proper authorization because there are no dual approval policies in place.
    • Lack of bank account verification results in funds being transferred to unauthorized or manipulated vendor accounts.
    • Companies without spending limits for new vendors face high financial risks due to uncontrolled transactions.
    • Businesses that lack automated fraud detection fail to identify sudden spikes or irregularities in payment volume, leading to financial losses

    Checklist

    • Limited Payment Methods: Allow only secure, trackable, and limited payment methods, such as ACH transfers and bank wires for transactions. 
    • Dual Signature Requirement: Mandate dual approvals for payments above a defined limit to prevent unauthorized transactions. Have company policies to control spending limits for some newer companies to mitigate financial risks and unauthorized expenditures.
    • Bank Account Verification: Reconcile all payment destinations using the vendor master data management hub in real time.
    • Automated Fraud Alerts: Implement AI software to flag suspicious payments, such as sudden changes in transaction volume.

    4. Access Controls

    Problem Cases 

    • Former employees might manipulate vendor payments because their system access is not revoked after resignation.
    • Fraudsters authorize payments using shared login credentials, making it impossible to track individual accountability.
    • Cybercriminals process high-value transactions by compromising an executive’s account through phishing.

    Checklist 

    • Role-Based Access: Restrict access to financial data and payments based on job roles. Establish multiple levels of authorization based on the invoice amount. Payments above a certain threshold should require executive approval.
    • Two-Factor Authentication: Mandate two-factor authentication (2FA) when accessing financial systems.
    • Audit Logs: Maintain a log of all system activities to trace unauthorized attempts to manipulate vendor payments.

    5. Monitoring and Reporting

    Problem Cases 

    • Fraudulent transactions go unnoticed for months because there is no real-time monitoring to flag suspicious payment patterns.
    • High-value fraudulent payments get processed because there are no threshold alerts to trigger additional verification before approval.

    Checklist 

    • Real-Time Transaction Monitoring: Utilize machine learning tools to detect suspicious financial patterns.
    • Routine Financial Reviews: Conduct weekly or monthly financial audits to assess payment trends and anomalies.
    • Threshold Alerts: Set up automatic alerts for high-value transactions that require extra scrutiny.

    6.  Tax Compliance Validation

    Problem Cases 

    • Vendors apply incorrect tax rates on invoices, leading to overpayment or non-compliance with tax regulations.
    • Businesses face penalties and audits because surcharges and additional taxes are not validated against the correct product category.

    Checklist 

    • Tax Rate Verification: Implement automated validation tools to cross-check vendor tax rates with government databases and product-specific tax slabs.
    • Surcharge & Additional Tax Validation: Ensure that any surcharges or additional taxes applied by vendors are aligned with regulatory requirements and product classifications.
    • Real-Time Compliance Monitoring: Use AI-driven tax compliance systems to detect tax discrepancies and flag invoices that do not adhere to proper tax structures.

    Incident Response Plan

    Fraud incidents require a structured response plan to fix damages and prevent recurrence. The following framework ensures that organizations can act quickly and effectively in the event of an accounts payable fraud case.

    1. Establish a Response Team

    • Form a dedicated fraud response team consisting of experts from finance, compliance, IT security, and legal personnel.
    • Define clear roles and responsibilities for fraud detection, investigation, and mitigation.
    • Conduct regular training exercises to ensure the team is prepared for real-world fraud scenarios.

    2. Incident Detection & Immediate Action

    • Use AI-powered monitoring tools to flag irregular/suspicious transactions in real time.
    • Freeze suspected accounts and suspend payments immediately upon detecting fraudulent activity.
    • Utilize AI to auto-generate notifications to senior management, internal fraud teams, and compliance officers to begin an urgent investigation.

    3. Post-Incident Review

    • Perform a forensic audit to determine the root cause of the fraud.
    • Identify security loopholes in the existing accounts payable process.
    • Revise policies and introduce new security measures to close any identified gaps.

    4. Reporting & Whistleblower Programs

    • Implement an anonymous whistleblower hotline to encourage employees to report suspicious activities without fear.
    • Define clear reporting channels so employees know who to alert in case of suspected fraud.
    • Work with external auditors and law enforcement to take necessary legal action.

    Strengthening Future Prevention Measures

    3 AP fraud prevention practices include using predictive analytics, response protocols, employee training

    Conclusion:

    Stop Accounts Payable Fraud Before It Costs You

    Accounts payable fraud is not just a risk; it’s a growing financial threat. Businesses that fail to act face huge financial losses, reputational damage, and regulatory penalties. However, fraud can be prevented with the right controls. A structured fraud prevention strategy ensures strong vendor verification, transaction monitoring, and internal audits.

    Manual Vs AI Driven Fraud Prevention

    Chart comparing manual vs. AI-driven AP fraud prevention from errors and delays to real-time alerts and predictive insights.

    Ready to Protect Your Business?

    Preventing fraud requires more than policies- it requires technology that adapts to threats in real time. Our AI-powered fraud detection solutions help businesses:

    • Block fraudulent invoices with 6-way matching before payments go out.
    • Monitor transactions in real time to detect anomalies instantly.
    • Implement role-based permissions for enhanced security and compliance.
    • Strengthen vendor relationship management for seamless and trustworthy partnerships.
    • Ensure security and compliance with 200+ checkpoints for global compliance standards.

    Take control of your accounts payable security. Sign up for a free demo today and see how real-time fraud prevention can safeguard your business from financial losses.

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    • Modify copies of any materials from this site.
    • Delete or alter any of the copyright, trademark, or other proprietary rights notices from copies of materials from this site.

    You must not access or use for any commercial purposes any part of the website or any services or materials available through the Website.

    If you print, copy, modify, download, or otherwise use or provide any other person with access to any part of the Website in breach of the Terms of Service, your right to use the Website will stop immediately and you must, at our option, return or destroy any copies of the materials you have made. No right, title, or interest in or to the Website or any content on the Website is transferred to you, and all rights not expressly granted are reserved by the Company. Any use of the Website not expressly permitted by these Terms of Service is a breach of these Terms of Service and may violate copyright, trademark, and other laws.

    User Submissions and Submission Standards

    The Website may provide you with the opportunity to create, submit, post, display, transmit, public, distribute, or broadcast content and materials to us or in the Website, including but not limited to text, writings, video, audio, photographs, graphics, comments, ratings, reviews, feedback, or personal information or other material (collectively, "Content"). You are responsible for your use of the Website and for any content you provide, including compliance with applicable laws, rules, and regulations.

    All User Submissions must comply with the Submission Standards and Prohibited Activities set out in these Terms of Service.

    Any User Submissions you post to the Website will be considered non-confidential and non-proprietary. By submitting, posting, or displaying content on or through the Website, you grant us a worldwide, non-exclusive, royalty-free license to use, copy, reproduce, process, disclose, adapt, modify, publish, transmit, display and distribute such Content for any purpose, commercial advertising, or otherwise, and to prepare derivative works of, or incorporate in other works, such as Content, and grant and authorize sublicenses of the foregoing. The use and distribution may occur in any media format and through any media channels.

    You represent and warrant that:

    • You own or control all rights in and to the User Submissions and have the right to grant the license granted above to us and our affiliates and service providers, and each of their and our respective licensees, successors, and assigns.
    • All of your User Submissions comply with these Terms of Service.

    We do not assert any ownership over your Content. You retain full ownership of all of your Content and any intellectual property rights or other proprietary rights associated with your Content. We are not liable for any statement or representations in your Content provided by you in any area in the Website. You are solely responsible for your Content related to the Website and you expressly agree to exonerate us from any and all responsibility and to refrain from any legal action against us regarding your Content. We are not responsible or liable to any third party for the content or accuracy of any User Submissions posted by you or any other user of the Website. User Submissions are not endorsed by us and do not necessarily represent our opinions or the view of any of our affiliates or partners. We do not assume liability for any User Submission or for any claims, liabilities, or losses resulting from any review.

    We have the right, in our sole and absolute discretion, (1) to edit, redact, or otherwise change any Content; (2) to recategorize any Content to place them in more appropriate locations in the Website; and (3) to prescreen or delete any Content at any time and for any reason, without notice. We have no obligation to monitor your Content. Any use of the Website in violation of these Terms of Service may result in, among other things, termination or suspension of your right to use the Website.

    These Submission Standards apply to any and all User Submissions. User Submissions must in their entirety comply with all the applicable federal, state, local, and international laws and regulations. Without limiting the foregoing, User Submissions must not:

    • Contain any material that is defamatory, obscene, indecent, abusive, offensive, misleading, harassing, violent, hateful, inflammatory, or otherwise objectionable.
    • Promote sexually explicit or pornographic material, violence, or discrimination based on race, sex, religion, nationality, disability, sexual orientation, or age.
    • Infringe any patent, trademark, trade secret, copyright, or other intellectual property or other rights of any other person.
    • Violate the legal rights of others or contain any material that could give rise to any civil or criminal liability under applicable laws or regulations or that otherwise may be in conflict with these terms of service and our Privacy Policy.
    • Be likely to deceive any person.
    • Promote any illegal activity, or advocate, promote, or assist in any unlawful act.
    • Cause annoyance, inconvenience, or needless anxiety or be likely to upset, embarrass, alarm, or annoy any other person.
    • Impersonate any person, or misrepresent your identity or affiliation with any person or organization.
    • Involve commercial activities or sales, such as contests, sweepstakes, and other sales promotions, barter, or advertising.
    • Give the impression that they emanate from or are endorsed by us or any other person or entity, if this is not the case.

    Our Rights

    We have the right, without provision of notice to:

    • Remove or refuse to post any User Submission for any or no reason in our sole discretion;
    • Take any action with respect to any User Submission that we deem necessary or appropriate in our sole discretion, including if we believe that such User Submission violates the Terms of Service, including the Submission Standards, infringes any intellectual property right or other right of any person or entity, threatens the personal safety of users of the Website or the public, or could create liability for the Company;
    • Take appropriate legal action, including, without limitation, referral to or cooperation with law enforcement or regulatory authorities, or notifying the harmed party of any illegal or unauthorized use of the Website; and
    • Terminate or suspend your access to all or part of the Website for any or no reason, including, without limitation, any violation of these Terms of Service.

    You waive and hold harmless company and its parent, subsidiaries, affiliates, and their respective directors, officers, employees, agents, service providers, contractors, licensors, licensees, suppliers, and successors from any and all claims resulting from any action taken by the company and any of the foregoing parties relating to any, investigations by either the company or by law enforcement authorities.

    Third Party Links and Sites

    For your convenience, this Website may provide links or pointers to third-party sites or third-party content. We make no representations about any other websites or third-party content that may be accessed from this Website. If you choose to access any such sites, you do so at your own risk. We have no control over the third-party content or any such third-party sites and accept no responsibility for such sites or for any loss or damage that may arise from your use of them. You are subject to any terms and conditions of such third-party sites.

    Social Media Features

    This Website may provide certain social media features that enable you to:

    • Link from your own or certain third-party websites to certain content on this Website.
    • Send emails or other communications with certain content, or links to certain content, on this Website.
    • Cause limited portions of content on this Website to be displayed or appear to be displayed on your own or certain third-party websites.

    You may use these features solely as they are provided by us and solely with respect to the content they are displayed with. Subject to the foregoing, you must not:

    • Establish a link from any website that is not owned by you.
    • Cause the Website or portions of it to be displayed on, or appear to be displayed by, any other site, for example, framing, deep linking, or in-line linking.
    • Link to any part of the Website other than the homepage.
    • Otherwise take any action with respect to the materials on this Website that is inconsistent with any other provision of these Terms of Use.

    The Website from which you are linking, or on which you make certain content accessible, must comply in all respects with the Submission Standards set out in these Terms of Service.

    You agree to cooperate with us in causing any unauthorized framing or linking immediately to stop.
    We reserve the right to withdraw linking permission without notice.
    We may disable all or any social media features and any links at any time without notice in our discretion.

    Disclaimers, Liability and Indemnification

    You understand and agree that your use of the website, its content, and any goods, digital products, services, information or items found or attained through the website is at your own risk. The website, its content, and any goods, services, digital products, information or items found or attained through the website are provided on an "as is" and "as available" basis, without any warranties or conditions of any kind, either express or implied including, but not limited to, the implied warranties of merchantability, fitness for a particular purpose, or non-infringement. The foregoing does not affect any warranties that cannot be excluded or limited under applicable law.

    You acknowledge and agree that company or its respective directors, officers, employees, agents, service providers, contractors, licensors, licensees, suppliers, or successors make no warranty, representation, or endorsement with respect to the completeness, security, reliability, suitability, accuracy, currency, or availability of the website or its contents or that any goods, services, digital products, information or items found or attained through the website will be accurate, reliable, error-free, or uninterrupted, that defects will be corrected, that our website or the server that makes it available or content are free of viruses or other harmful components or destructive code.

    How We Limit Our Liability to You

    Except where such exclusions are prohibited by law, in no event shall the company nor its respective directors, officers, employees, agents, service providers, contractors, licensors, licensees, suppliers, or successors be liable under these terms of service to you or any third-party for any consequential, indirect, incidental, exemplary, special, or punitive damages whatsoever, including any damages for business interruption, loss of use, data, revenue or profit, cost of capital, loss of business opportunity, loss of goodwill, whether arising out of breach of contract, tort (including negligence), any other theory of liability, or otherwise, regardless of whether such damages were foreseeable and whether or not the company was advised of the possibility of such damages.

    Indemnification

    To the maximum extent permitted by applicable law, you agree to defend, indemnify, and hold harmless Company, its parent, subsidiaries, affiliates, and their respective directors, officers, employees, agents, service providers, contractors, licensors, suppliers, successors, and assigns from and against any claims, liabilities, damages, judgments, awards, losses, costs, expenses, or fees (including reasonable attorneys' fees) arising out of or relating to your breach of these Terms of Service or your use of the Website including, but not limited to, third-party sites and content, any use of the Website's content and services other than as expressly authorized in these Terms of Service or any use of any goods, digital products and information purchased from this Website.

    Dispute Resolution

    At Company’s sole discretion, it may require you to submit any disputes arising from these Terms of Service or use of the Website, including disputes arising from or concerning their interpretation, violation, invalidity, non-performance, or termination, to final and binding arbitration under the Rules of Arbitration of the American Arbitration Association applying Ontario law. (If multiple jurisdictions, under applicable laws).

    Any cause of action or claim you may have arising out of or relating to these terms of use or the website must be commenced within 1 year(s) after the cause of action accrues; otherwise, such cause of action or claim is permanently barred.

    Privacy Policy

    Your provision of personal information through the Website is governed by our privacy policy located at the "Privacy Policy".

    Governing Law

    The Website and these Terms of Service will be governed by and construed in accordance with the laws of the Province of Ontario and any applicable federal laws applicable therein, without giving effect to any choice or conflict of law provision, principle, or rule and notwithstanding your domicile, residence, or physical location. Any action or proceeding arising out of or relating to this Website and/or under these Terms of Service will be instituted in the courts of the Province of Ontario, and each party irrevocably submits to the exclusive jurisdiction of such courts in any such action or proceeding. You waive any and all objections to the exercise of jurisdiction over you by such courts and to the venue of such courts.

    If you are a citizen of any European Union country or Switzerland, Norway or Iceland, the governing law and forum shall be the laws and courts of your usual place of residence.

    The parties agree that the United Nations Convention on Contracts for the International Sale of Goods will not govern these Terms of Service or the rights and obligations of the parties under these Terms of Service.

    Severability

    If any provision of these Terms of Service is illegal or unenforceable under applicable law, the remainder of the provision will be amended to achieve as closely as possible the effect of the original term and all other provisions of these Terms of Service will continue in full force and effect.

    Entire Terms of Service

    These Terms of Service constitute the entire and only Terms of Service between the parties in relation to its subject matter and replaces and extinguishes all prior or simultaneous Terms of Services, undertakings, arrangements, understandings or statements of any nature made by the parties or any of them whether oral or written (and, if written, whether or not in draft form) with respect to such subject matter. Each of the parties acknowledges that they are not relying on any statements, warranties or representations given or made by any of them in relation to the subject matter of these Terms of Service, save those expressly set out in these Terms of Service, and that they shall have no rights or remedies with respect to such subject matter otherwise than under these Terms of Service save to the extent that they arise out of the fraud or fraudulent misrepresentation of another party. No variation of these Terms of Service shall be effective unless it is in writing and signed by or on behalf of Company.

    Waiver

    No failure to exercise, and no delay in exercising, on the part of either party, any right or any power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right or power hereunder preclude further exercise of that or any other right hereunder.

    Notice

    We may provide any notice to you under these Terms of Service by: (i) sending a message to the email address you provide to us and consent to us using; or (ii) by posting to the Website. Notices sent by email will be effective when we send the email and notices we provide by posting will be effective upon posting. It is your responsibility to keep your email address current.

    To give us notice under these Terms of Service, you must contact us as follows: (i) by personal delivery, overnight courier or registered or certified mail to Scry Analytics Inc. 2635 North 1st Street, Suite 200 San Jose, CA 95134, USA. We may update the address for notices to us by posting a notice on this Website. Notices provided by personal delivery will be effective immediately once personally received by an authorized representative of Company. Notices provided by overnight courier or registered or certified mail will be effective once received and where confirmation has been provided to evidence the receipt of the notice.

    Contact Us

    To request a copy for your information, unsubscribe from our email list, request for your data to be deleted, or ask a question about your data privacy, we've made the process simple:

    Email us