This Fintech Company Offers Secure Payment Solutions in the Age of Cybersecurity

How A Fintech Solution Stops Invoice Fraud Dead In Its Tracks

TL; DR: Invoiced helps businesses manage their accounting and invoicing processes with its automation software. Users can automate accounts receivable and accounts payable tasks to accelerate invoice delivery and improve cash flow. The company’s invoicing network also connects vendors and verifies user identities to stop invoice fraud and vendor impersonation. We spoke with Jared King, Co-Founder and CEO of Invoiced, about the platform and how it solves accounting pain points.

Cybersecurity has become an essential part of modern businesses. A decade ago, before digital transformation swept across the globe, many companies could survive with little focus on security. But as the landscape changes and threats evolve, having a weak cybersecurity strategy can lead to irreversible ramifications.

Bad actors are not only a threat to business data but also to financial security. The financial services industry experiences some of the highest distribution of cyberattacks — second only to manufacturing in 2023. And a bad actor’s top vector of choice is malware, targeting about 40% of companies in the financial sector worldwide.

As threats expand in reach and sophistication, businesses will need secure fintech solutions to manage their financial obligations. Invoiced is an accounts receivable (A/R) and accounts payable (A/P) automation software that helps companies manage accounts and invoices with top-level security.

Invoiced logo
Invoiced provides automation software for managing A/R and A/P duties and invoices.

“Email-based invoicing has introduced many security risks, phishing being one of them. So we’ve taken an interesting approach to solving this. We’ve essentially built a secured invoicing network, where buyers and sellers can add each other on this network with a connection request,” said Jared King, Co-Founder and CEO of Invoiced.

Invoiced allows businesses to connect and create financial arrangements without security concerns. Its platform reduces fraud and vendor impersonation, making sending and receiving invoices easy and secure.

Use Invoiced to Detect and Stop Invoice Fraud

Jared created Invoiced in 2013. Working as a freelance software developer for the finance teams, Jared witnessed the challenges of accounting firsthand. A lot of accounting work is repetitive and cyclical and requires long hours. So Jared thought why not automate these tedious, low-value tasks to ease the load.

“The idea was and still is helping accountants and finance teams automate and increase productivity through automation. We started with accounts receivable automation and have branched out into accounts payable,” said Jared.

Invoiced has also brought security to the forefront of B2B financial connections. Its invoicing and payment solutions allow users to avoid fraud and data breaches. The Invoiced team created a secure network to help businesses detect fraud and connect only with authentic and authorized vendors.

Invoiced A/P automation webpage
Invoiced protects users against invoice fraud with a verified and secure vendor network.

“Our vendors can only submit invoices through our platform, and we have verified the sender’s identity. So this process gives users confidence when making payments that it won’t be a bad actor,” said Jared.

This networking feature helps teams combat phishing, deepfakes, and other attack vectors. Jared said fake insurance bills are another tool bad actors use to threaten businesses.

These fraudulent invoices and vendor impersonation tactics typically hurt Account Payable teams. Invoiced’s network solution shows its dedication to helping accountants throughout their journey.

How Threats Have Evolved in the FinTech Space

Digital transformation has brought on many benefits for businesses. But it has created pitfalls to avoid as well. Jared told us that as more companies migrate to the cloud, invoicing via email has become the go-to option for financial interactions.

Invoicing via email is quick and convenient. However, phishing is a top concern. Businesses also have to consider emerging technologies and cyberthreats. With the rise of AI, bad actors have more tools and capabilities at their disposal.

“Security has always been important. But today, it’s even more topical for invoicing and payments, especially in the B2B world, because fraudsters, with the proliferation of large language models, are getting more compelling than they have been in the past,” said Jared.

Identifying threats alone will be nearly impossible as vendor impersonation and AI document generation become more realistic. Bad actors can use large language models to generate synthetic identities and communications to trick users into making payments.

“We have an interesting data set of legitimate and fake invoices that we can use to determine whether an invoice is fraudulent. There are over 100 different parameters that you could feed into an AI to train it to detect fraud,” said Jared.

Invoiced has become a domain expert in invoice fraud over the years. Jared said Invoiced sees more than 1 million invoices per month. So the team can follow reports in real time and evaluate attempted attacks.

“We’ve developed a trust and safety function, with our invoicing network, to ensure all of our business procedures are constantly evolving and on top of compliance. So we’re constantly evaluating, monitoring, and adapting to help businesses solve these problems,” said Jared.

Bringing the B2B Industry Into the Digital Era

The fintech space has grown immensely over the last decade. Jared said the payments side is currently seeing the most transformation, particularly in the B2B world. He said consumers have more robust and modern payment solutions, but many businesses don’t have tailored solutions for their own operations.

“As a consumer, you have these modern digital experiences. Then you step into the office and go back like a decade or two in terms of technology. So I’m seeing a lot of new payment schemes and cloud migration. But it’s all behind what’s happened on the B2C side,” said Jared.

Invoiced continues to help the B2B industry modernize and secure its financial experiences. The team recently released a vendor pay service to complement its invoicing network. Invoiced will also add new data capabilities to its network in the future.

“As the company has grown, we’ve stayed focused on our mission, which is increasing our productivity and helping businesses improve cash flow and their Accounts Receivable automation. We’ve developed a lot of expertise in this niche corner of the world,” said Jared.