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Invoice fraud is a pervasive threat that can wreak havoc on the financial stability of new businesses. It involves fraudulent schemes aimed at deceiving businesses into making payments for goods or services that were never rendered or authorized. Recent research shares the staggering toll of invoice fraud, drawing from a survey of 2,750 businesses. It reveals an alarming average annual cost of $280,000 per middle-market business, with over 34,000 instances of invoice fraud reported by the surveyed companies.
If you are running a new business, chances are your business may lack the internal controls and resources to keep your finances safe.
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