PayPal Fake Invoice Scam In Vancouver
- A new email scam is targeting Vancouver businesses and organizations.
- The invoices look real, but the person demanding payment is unknown.
- What makes this accounting scam extremely harmful?
- An employee handed over $236,000 to the CEO, but it wasn’t him.
- Be on the lookout for a PayPal fake invoice scam.
Once again, cybercriminals are targeting Vancouver businesses and organizations. This time it’s a PayPal fake invoice scam showing up in their inboxes. Recent reports show it’s a new email phishing scam informing the company they owe money, and the balance needs paying.
Scammers are very good at tricking people. Before you pay any amount from an unknown invoice, we always recommend examining your accounting records first. Also, check your PayPal account for a payment request. Our video shows how they tried to do that to us.
What Is A PayPal Fake Invoice Scam?
If you’ve never received a fake PayPal invoice, the email states that your business or organization has an outstanding balance with a company or a vendor. The message reminds you that this person or company has not received their funds and wants payment.
This accounting scam is hard to detect because the message you received is from a confirmed PayPal account. That means the invoice sent from PayPal is valid. However, it’s also fake because this person created it to get you to pay when you did not owe the money.
That’s why it’s crucial to thoroughly review your accounting records to determine if your company does owe and if this person is a genuine vendor. Also, go into your PayPal account to see if there is a payment request. If there’s not, then this is a scam.
What Makes This Accounting Scam Extremely Harmful?
If you do a quick search on google.ca, google.com, and paypal.com, there are no recent listings or information about PayPal accounting scams across Canada. That’s good news for cybercriminals but horrible news for Vancouver businesses and organizations.
When you search the “Scams by A-Z index” at the Canadian Anti-Fraud Centre, you’ll quickly notice no PayPal or Invoice scams or frauds are listed. Though it shows no current listings, it doesn’t necessarily mean the ruse isn’t in Vancouver.
You must understand with any new scam; it takes time to build and gain momentum. When more and more companies get scammed, the reports start to pour into gov.bc.ca and the CAFC. That’s why you’re seeing this alert today.
Norfolk County Business Scammed From Fake $236K Invoice
According to a Norfolk County business employee, they received an email from the company’s CEO. In the message, this person needed an invoice paid to a company in the United States. As usual, the accounting employee paid the $236,000 invoice in full without question.
After the initial invoice was paid, another email arrived shortly after requesting another invoice payment. That shocked the employee, and they immediately contacted the owner. Without hesitation, they also notified the Provincial police about a potential scam.
The investigation uncovered that the email address sending the messages was the CEO’s but was compromised. No one from the company knew how this could happen. In the end, the investigators described this attack as the notorious “CEO” scam.
Be On The Lookout For A PayPal Fake Invoice Scam
Compunet InfoTech Inc. in Vancouver wants you and your employees to stay alert when any receive an email from PayPal. What may look like a legitimate invoice may be a scammer’s attempt to steal from you using a phishing scam.
Before you decide to pay, check your accounting records, and PayPal account to see if there is a payment request. If not, someone is trying to scam your Vancouver business or organization. Contact us today for more help so you don’t become another email scam victim.