25 Mar Don’t Have a Copy of Your Contract…Watch Out for Fake Bills
A Lithuanian man’s simple, yet successful scheme to bilk $99 million from Facebook and $23 million from Google serves as a cautionary tale for companies who don’t make signed copies of their contracts and the key terms accessible to their Accounting team. Evaldas Rimasauskas submitted loads of fake invoices, accompanied by other fake documentation, to Facebook and Google and reaped over $100 million in payments in exchange. Had the accounting team been able to find the relevant contracts in their own database and compare the business details of the invoices against the contracts, this could have been easily prevented. See the Reuters story here and read the indictment here.