A different type of false invoicing scam potentially nets over $1 Billion

Intricate networks to launder money and avoid tax are very close to home

A sydney based operation that has been suspected of processing over $1 Billion dollars for multiple businesses to help them to avoid paying tax, effectively tax fraud at a grand scale. The operation has been cracked wide open by joint Australian authorities working together.

The activity was achieved creating false invoices and then payment was received by a mixture of electronic funds and also cheque. 

Read the full article here

All of this has happened ‘just across the ditch’ and highlights that fraudulent activities are everywhere, including New Zealand and Australia.

What if this was a business that was targeting you with false invoices for payment? Does you AP team have robust practices in place that would actually be able to pick out the false invoices from the legitimate ones?

Call us today if you would like to find out more about how we can help you ‘tighten’ your payment policies and processes.

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