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2 Apr 2021 17:10:18 UTC
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What's invoice redirection fraud? [Cyber Crime]
Explanation about sales he Invoice Redirection Fraud LEGroup Industries was victim of in 2018.

AUGUSTIN T O’BRIEN CACERES OF LE GROUP INDUSTRIES: 5 THINGS YOU NEED TO KNOW TO OPTIMIZE YOUR COMPANY’S APPROACH TO DATA PRIVACY AND CYBERSECURITY
An Interview with Jason Remillard
https://medium.com/authority-magazine/augustin-t-obrien-caceres-of-le-group-industries-5-things-you-need-to-know-to-optimize-your-a82dcb2ac7d9

WITHOUT BORDERS - BRICKEL MAGAZINE INTERVIEWS AUGUSTIN
http://brickellmag.com/without-borders/

http://www.legroupoperations.com/legroupindustries.html

- If you are not a multi-billion corporation, consider yourself unprotected.
- Keep an eye all the time on everything you can, every detail. It is very time consuming.
- Keep records and print screens of every conversation or document you find important and keep them organized so you can access them.

What's Invoice Redirection Fraud? By the Police:
At this busy seasonal time, An Garda Síochána wishes to advise of the continuing existence of Invoice Redirect Fraud and urges businesses to remind employees to treat any request to change supplier bank account details with extreme caution. Losses amounting to over €700,000 have been reported to Gardaí in the last month.
In the last month alone there have been numerous attempts in relation to this type of fraud in excess of €1.3 million with actual losses amounting to over €700,000. An Garda Síochána works very closely with the Financial Institution in this regard who have intercepted many transactions of this nature however it can be difficult to recover funds once they have left the jurisdiction so prompt reporting is critical.
In crimes of this nature, criminals send emails to businesses purporting to be one of their legitimate suppliers. These emails contain an instruction to change the bank account details that the business has for a legitimate supplier, to bank account details that ultimately benefit the criminals. These requests can also come by way of letter or phone call so caution should attach to any request of this nature.

The criminal intention is that when the legitimate supplier next sends an invoice to the company seeking payment for services rendered or goods supplied, the victim business acts on the new banking instructions and sends the payment to the criminal’s bank account where the funds are quickly transferred or withdrawn. In many instances the business does not know it is a victim of this crime until sometime later when the legitimate supplier sends a reminder invoice for payment.
Businesses must ensure that they have robust policies and procedures in place to deal with requests of this nature including escalating the decision making function to supervisory positions and making direct contact with a
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https://www.youtube.com/watch?v=WhfbhwyRy0o
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