>Last month it was reported that two major tech companies

Companies are made up of people. People are gullible.

>>60114726
Jane in accounting knows literally jackshit about anything besides accounting. She sees an invoice from a known vendor that she sees all the time, she gets the invoice approved and pays the amount. Repeat x5000 a year as her job.

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>>60114726
Why did the idiot steal millions? He could've grabbed like $50000 from each and he probably would've gotten away with it. Never get greedy.

>>60114872
yea where are you even gonna hide 100 million in digital money these days?

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>>60114726
>laundering digital money

>>60114926
How is digital money any different than real money? Capital is capital.

>>60114951
she didn't think before posting

>>60114926
Not hard, it's called CSGO skins

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>>60114726
That's what happens when you hire women and Indians.

>>60114726
I remember a similar story from years back in Norway. This was the late 1990s and an oil/energy company, but still:

Some guy figured out that Kvaerner by routine did not check invoices below 350 NOK before paying them. Why? I don't know why. Perhaps the cost of doing so was to high compared to what they saved on finding fraudulent invoices, who knows. The important point is that they actually had a policy where they would just blindly pay ANY invoice below that.

The USD was around 6.5 at the time so that's just $50. This probably seems like a trivial amount but that guy quickly realized that he could send lots of invoices for small amounts regularly.

They eventually either changed their policy or figured out that they were being scammed and this man was eventually charged. At that point he had been sending them fraudulent invoices for 3 years and the amount he was eventually charged with scamming had become rather non-trivial.

>>60114726
$100m? So 0.1 dollar? Wow, it's fucking nothing.

>>60115088
There's a lot of companies that will blindly pay routine-looking invoices from a known vendor. There's also people who will just send random small invoices to various businesses hoping that they pay without thinking.

>>60114726
That's what you get for outsourcing.
Build firewall.

>>60115358
Can it be illegal?

I can't see why it would be illegal to send an invoice as long as you are not pretending to be someone else.

>>60115522
Probably falls under attempted fraud, if they can show that you intentionally did it to trick people into sending you money. (and not because you're a legit business that screwed up and sent an invoice to the wrong company or whatever)

>>60114726

The point here is that it's GOOG and FB at the cusp of tech and intelligence, so it could be in theory the tip of an iceberg.

As much as know your customer applies to banking, know your supplier.

Easier said than done but these are companies that do business by generating unique IDs and tracking so fix it

just generate some yubikey style two factor auth with a contact person, routine checks with cross auth and it's done

this is could also be just a big publicity for blockchain and compliant crypto to suppress the need for reconciliatory measures

why would you not do this from a country that wont prosecute you