What are the most common payment fraud schemes in entertainment?

The most common schemes include invoice manipulation (changing bank details on intercepted invoices), vendor impersonation (fake entities submitting invoices for services never rendered), ghost employees (fictitious crew added to per diem lists), and overbilling (invoicing for amounts or quantities exceeding what was delivered).

How does Eved prevent payment fraud?

Eved prevents fraud through a verified vendor network with multi-channel identity verification, configurable multi-level approval workflows, AI-powered anomaly detection that flags duplicate invoices and bank account changes, EvedPay Card controls with merchant restrictions and transaction limits, and a dedicated security team monitoring for emerging fraud schemes.

Why is the entertainment industry vulnerable to payment fraud?

Entertainment is especially vulnerable due to high vendor turnover, time pressure to keep production moving, distributed operations across multiple countries, a historically cash-heavy culture, and temporary teams that reduce institutional knowledge about vendor relationships.

What is the biggest threat of payment fraud in the entertainment industry?

The biggest threat of payment fraud in the entertainment industry is invoice manipulation, where fraudsters intercept legitimate invoices and change bank account details, diverting funds to their own accounts.

How does Eved's AP automation help prevent fraud in production payments?

Eved's AP automation prevents fraud by implementing robust vendor verification protocols, secure payment processing, and virtual cards, which significantly reduce the risk of invoice manipulation, vendor impersonation, and other payment scams.

What are virtual cards and how do they enhance payment security for events?

Virtual cards are limited-use digital payment cards that enhance payment security for events by providing a digital card that can be stored in your phone wallet and track each transaction, limiting exposure to fraud, and offering granular control over spending limits and usage.

Why is the entertainment industry particularly vulnerable to payment fraud?

The entertainment industry is particularly vulnerable to payment fraud due to high vendor turnover, tight production timelines, a reliance on manual processes, and the large volume of payments, all of which create opportunities for fraudsters.

What is vendor impersonation fraud in the context of production payments?

Vendor impersonation fraud occurs when fraudsters create fake vendor entities that mimic legitimate companies, submitting invoices for services never rendered, hoping to get paid amidst the high volume of production invoices.

Prevent Payment Fraud in Entertainment | Eved AP Automation