When e-mails lie, invoices steal

FRAUD BY FONT: FROM HOSPITALITY TO MINING FIRMS, SCAMMERS EXPLOIT TRUST, TECH GAPS

- Hein Kaiser

Business e-mail compromise has become one of the most damaging crimes facing South African companies. It's nothing new but according to several companies The Citizen has spoken to, it is prolific.

Chad Thomas of IRS Forensic Investigations said the method is simple but destructive to the absolute.

"E-mails are intercepted, invoices are altered and the banking details are changed," he said.

"Victims pay in good faith and only later discover that the money has gone into the hands of fraudsters."

The scam relies on cloned invoices and lookalike e-mail addresses. In many cases, only a single letter or digit is different from the legitimate address.

"For all intents and purposes it looks correct, but it isn't," Thomas said.

No company has been immune thus far. Mines, cement factories, hospitality. In fact, any business that has customers paying on invoice can be at risk. So, too, are the people settling the bills.

Hotelier Paul Nissen, owner of Elizabeth Lodge on the East Rand, has seen both sides of the fraud.