In today's interconnected, fast-paced business landscape, countless operations have been simplified and sped up, thanks to the integration of digital tools and platforms. While these advancements have ushered in an era of increased efficiency and globalization, they have concurrently opened up a Pandora's box of vulnerabilities, chief among them being invoice fraud. The surge of this particular form of fraud stands as a stark reminder that with every digital leap, there comes an array of challenges that businesses must grapple with.

Invoice fraud, once a relatively unheard-of concept, has rapidly metamorphosed into a prevalent concern for both large corporations and small enterprises alike. A cursory look at recent statistics paints a daunting picture: the instances of invoice fraud have seen an unprecedented rise over the past decade. This isn't just a number game; these statistics are emblematic of lost revenue, tainted reputations, and in some dire cases, the complete collapse of businesses.

The digitization of business operations, while a boon in many regards, has inadvertently created a fertile ground for fraudsters to exploit. The convenience of electronic invoices, swift online transactions, and automated payment systems, while essential for modern businesses, have become the very tools that crafty cybercriminals manipulate to their advantage. They exploit the vast digital terrain, which is often inadequately guarded, to siphon off funds, disrupt operations, and sow seeds of distrust.

However, this is not merely a narrative of gloom. It's a wake-up call. As we delve deeper into the intricacies of invoice fraud, its manifestations, and repercussions, it is crucial to approach the topic with a dual perspective: understanding the threat while simultaneously recognizing that the solutions, too, lie in the innovative use of technology, vigilance, and a proactive mindset.

Understanding invoice fraud

Invoice fraud, a menace that's been shadowing the corporate corridors for longer than one might imagine, has found renewed vigor in the age of digital transactions. To effectively combat it, businesses first need a comprehensive understanding of what it encompasses, its various manifestations, and the techniques employed by fraudsters.

Definition and essence

At its core, invoice fraud is a deceptive practice wherein false or manipulated invoices are presented with the intent of extracting unauthorized funds from an unsuspecting victim, be it an individual or a business. The objective is simple: divert funds under the guise of legitimate business transactions. 

Diverse manifestations of invoice fraud

The chameleon-like nature of invoice fraud allows it to take various forms, making it even more challenging to detect and prevent. Some of its most common manifestations include:

1. Fake invoices: Arguably the most straightforward method, it involves sending invoices for products or services that were neither delivered nor requested. These invoices often masquerade as legitimate, making it harder for the untrained eye to discern their fraudulent nature.

2. Duplicate invoices: This method plays on oversight and administrative errors. The same invoice is sent multiple times, banking on the hope that at least one will be processed without cross-verification.

3. Overbilling: In this scenario, the invoice might be legitimate, but the amount isn't. It charges more than what was agreed upon, capitalizing on the possibility that the discrepancy might go unnoticed amidst a pile of other transactions.

4. Phantom suppliers: A more insidious form, this involves the creation of non-existent suppliers. Payments made to these fictitious entities often end up in the pockets of fraudsters or, at times, dishonest employees orchestrating the scam.

5. Altered invoices: A genuine invoice gets intercepted and tampered with, often involving modification of banking details or amounts, ensuring that payments are redirected to fraudulent accounts.

6. Toner phoner scam and office supply frauds: Businesses are billed for office supplies they never ordered or received. The name 'toner phoner' originated from the frequent targeting of printer toner supplies.

7. Email compromise: A more technologically advanced form, it involves hacking or impersonating business emails to redirect payments, change invoice details, or manipulate transaction data.

Fraudster techniques and tactics

The strategies employed by fraudsters have evolved over time, adapting to the defenses businesses put in place. They often exploit:

  • Information overload: Large businesses handle thousands of invoices daily. Fraudsters bank on the probability that not every invoice will undergo stringent scrutiny.
  • Social engineering: Gathering intelligence about a company's vendors, billing cycles, or even internal hierarchies to craft convincing fake invoices.
  • Digital vulnerabilities: Exploiting weak cybersecurity measures, outdated software, or even unsecured email communication.
  • Internal collusion: Sadly, not all threats are external. Dishonest employees can provide insights or access to fraudsters, or in some cases, become perpetrators themselves.

In understanding the varied facets of invoice fraud, businesses take their first step toward safeguarding themselves. Recognizing the threat is the preliminary move in a strategic game of cat and mouse, where the stakes are high, and the arena is the intricate world of modern commerce.

The digital age: A double-edged sword

The dawn of the digital age heralded a revolution, profoundly transforming the way businesses operate, communicate, and grow. With vast networks, instantaneous communication, and sophisticated tools at their disposal, companies could expand their reach, optimize operations, and drive innovation like never before. Yet, as with any transformative force, the digital revolution brought with it a set of challenges. While businesses were quick to embrace its countless advantages, they were often slower to recognize and defend against its associated vulnerabilities.

The boon of digitalization

First, let's appreciate the positive side of this digital coin:

1. Operational efficiency: Automation and digital tools have streamlined tasks, reducing manual effort, time lags, and human error. Processes that once took days can now be accomplished in mere minutes.

2. Global reach: Digital platforms allow businesses to extend their footprint, accessing markets and customers across continents without the need for physical presence.

3. Data-driven decision making: Advanced analytics and big data have empowered companies to make informed decisions, predict trends, and tailor offerings to specific customer needs.

4. Cost reduction: The ability to digitize many business operations has led to significant cost savings, from reducing paper usage to eliminating the need for physical infrastructures.

The bane of digital vulnerabilities

However, the same digital channels that facilitate growth and efficiency also present ripe opportunities for fraudsters:

1. Increased attack surface: As businesses move more operations online, the avenues for potential attacks multiply. Every device, software, and platform can become a point of entry.

2. Sophistication of cyber-attacks: Gone are the days of easily spotted phishing scams. Today's cyber-attacks, like business email compromise (BEC), are nuanced and highly sophisticated, making them harder to detect and counteract.

3. Data breaches: The sheer volume of data stored online, from customer details to financial transactions, is a treasure trove for hackers. A single breach can lead to the compromise of vast amounts of sensitive information.

4. Reliance on third-party vendors: Using third-party platforms and software is now commonplace. However, every external service integrated into a business's operations can bring its own set of vulnerabilities.

5. Rapid evolution of technology: While businesses struggle to keep up with the latest security updates and digital trends, fraudsters are constantly evolving their tactics, staying one step ahead.

Finding equilibrium in the digital landscape

While it's tempting to view the digital age as a perilous minefield, it's crucial to approach it with a balanced perspective. Yes, the threats are real and ever-present, but so are the tools and strategies to combat them. Modern problems require modern solutions. Advanced cybersecurity measures, AI-driven fraud detection, blockchain for secure transactions, and employee training programs are just a few of the many tools in the arsenal of contemporary business.

In conclusion, the digital age, much like a double-edged sword, offers both immense opportunities and challenges. Success in this era hinges not just on harnessing the power of digital tools but also on the vigilance and adaptability to navigate its associated pitfalls. It's a dance of growth and caution, where every step forward is taken with an awareness of the surrounding landscape.

The human element in invoice fraud

As businesses fortify their digital defenses against the multitude of cyber threats, a subtle but potent vulnerability often remains overlooked: the human element. Behind the abstract concept of "invoice fraud" lies a very tangible and complex interplay of human behaviors, decisions, and emotions. While technology has enabled and amplified the reach and sophistication of fraud, it is human actions and oversights that often facilitate its success.

Human error: The unintentional catalyst

1. Overwhelm & oversight: Employees in large corporations can be swamped with numerous tasks daily, making it easy to miss inconsistencies in an invoice, especially if it mirrors legitimate ones.

2. Lack of training: Not every employee is versed in the latest fraud detection techniques or understands the intricate methods fraudsters employ. Without proper training, even glaring red flags can go unnoticed.

3. Miscommunication: A breakdown in communication between departments or team members can lead to duplicate payments or approvals of suspicious invoices without proper verification.

Inside Jobs: The deliberate betrayal

1. Collusion with external parties: Some invoice fraud cases arise from an internal employee conspiring with an external fraudster. Such employees may provide sensitive information or deliberately approve fraudulent invoices.

2. Phantom suppliers: A rogue employee might create fictitious vendors and generate fake invoices to funnel money directly into their pockets.

3. Manipulation of real invoices: An employee with access to financial data might intercept and alter genuine invoices, changing bank details or inflating the amount to siphon off funds.

Psychological manipulation: The fraudster's art

1. Social engineering: Beyond mere data and numbers, seasoned fraudsters exploit human psychology. They might impersonate trusted vendors, invoke urgency or use authority figures to bypass rational scrutiny.

2. Preying on trust: Long-standing vendor relationships, built over years, can be exploited. An unexpected change in an invoice from a trusted vendor might be overlooked, based on the presumption of trust.

3. Exploiting fear: Fraudsters can create a sense of panic, such as threats of service discontinuation, to pressure quick and thoughtless payments.

Mitigating the human risk

1. Regular training: Equip employees with the knowledge and tools to identify and report suspicious activity. Regularly updated training sessions can keep staff vigilant against ever-evolving fraud tactics.

2. Clear communication protocols: Ensure that there are established lines of communication, especially regarding financial transactions. Any anomalies or changes should be double-checked through direct, verified channels.

3. Whistleblower policies: Create an environment where employees feel safe to report suspicious activities without fear of retaliation.

4. Segmented duties: Divide responsibilities so that no single employee has control over all aspects of any critical financial transaction. This separation of duties ensures that there's oversight and validation at multiple stages.

In conclusion, while digital defenses remain paramount in the fight against invoice fraud, addressing the human element is equally crucial. It's a reminder that businesses are not just battling codes and algorithms but confronting a deeply human challenge, demanding a blend of technological solutions, psychological insights, and organizational culture shifts.

Financial & non-financial implications for businesses

The tentacles of invoice fraud reach far beyond mere monetary losses, impacting businesses on multiple fronts. While the direct financial implications are often the most immediate and evident, the non-financial repercussions can have long-lasting effects, potentially altering the very trajectory of a company. To comprehend the full impact of invoice fraud, it's imperative to explore both these dimensions.

Direct financial implications:

1. Immediate monetary loss: The most apparent consequence is the direct financial hit a company takes from paying fraudulent invoices. This can range from minor sums to astronomical amounts, potentially jeopardizing a company's financial health.

2. Investigative costs: Once fraud is suspected or detected, businesses may need to incur expenses for internal or external investigations, forensic audits, and legal consultations.

3. Compensation and restitution: In some cases, especially if third parties are involved or affected, businesses might have to bear additional costs in compensations or refunds.

4. Increased insurance premiums: Experiencing fraud can lead to a hike in insurance premiums, especially if a business claims losses through its insurance policy.

5. Loss of working capital: Funds directed towards fraudulent invoices can strain a company's working capital, affecting daily operations, and hampering growth opportunities.

Non-financial implications:

1. Reputational damage: News of fraud, especially if it becomes public, can tarnish a company's image, leading to loss of trust among customers, stakeholders, and partners.

2. Operational disruptions: Addressing invoice fraud might require diverting significant resources, leading to disruptions in regular operations, project delays, or missed opportunities.

3. Employee morale and trust: Discovering fraud, especially if it involves an internal actor, can erode trust within the team, fostering suspicion and affecting morale. It might also deter potential talent from joining the organization.

4. Legal and regulatory repercussions: Beyond the direct act of fraud, if a company is found to have inadequate preventive measures or controls, it might face penalties or legal actions from regulatory bodies.

5. Strained vendor relationships: Doubts cast on invoices might strain relationships with genuine vendors, especially if payments are delayed or scrutinized heavily. This can lead to unfavorable terms in future dealings or loss of beneficial partnerships.

6. Increased costs for prevention: A brush with invoice fraud often leads companies to bolster their preventive measures, which, while essential, can also mean increased ongoing costs in terms of software, training, and audits.

In the grand tapestry of business operations, invoice fraud stands out as a particularly insidious threat, not just for the financial holes it punches but for the intricate web of non-financial repercussions it weaves. It's a stark reminder that the cost of fraud isn't just a dent in the coffers but a ripple effect that can unsettle the very foundations of a business. Addressing these implications requires a holistic approach, combining robust financial management with strategic reputation and relationship management.

Industries most vulnerable to invoice fraud

Invoice fraud is pervasive and can afflict businesses across the spectrum. However, certain industries, due to the nature of their operations, transaction volumes, or inherent characteristics, are more susceptible to this form of deception. Recognizing these vulnerabilities is the first step toward devising effective preventative strategies. Let's delve into the industries most at risk and explore the reasons behind their heightened vulnerability.

1. Healthcare:

  • Complex billing systems: Healthcare institutions often deal with intricate billing processes, involving multiple services, providers, and insurance entities.
  • Volume: High volumes of transactions, both in terms of frequency and diversity, can camouflage fraudulent invoices.
  • Regulatory overheads: Constantly changing regulations can sometimes create gaps or oversight that can be exploited.

2. Construction and real estate:

  • Multiple vendors: Large construction projects involve myriad contractors, suppliers, and service providers, creating a fertile ground for phantom invoices.
  • Project-based work: The start-and-end nature of construction projects might lead to less stringent scrutiny at the culmination of a project.
  • Cost overruns: Overbilling can be hidden under the guise of unexpected project costs or material price hikes.

3. Retail:

  • Supply chain complexity: Retailers often have extensive and intricate supply chains, making it easier for fraudsters to introduce fake vendors or alter existing invoices.
  • High transaction volume: The sheer volume of products, suppliers, and transactions can lead to oversights.

4. Manufacturing:

  • Varied components: Manufacturing units source multiple components from various suppliers, a scenario that can be exploited with duplicate or fake invoicing.
  • Global supply chains: International operations introduce complexities, including language barriers and unfamiliarity with foreign vendors, which can be exploited.

5. Education:

  • Diverse expenditures: Educational institutions have varied expenses, from research equipment to administrative supplies, creating opportunities for false invoicing.
  • Public funding: Institutions receiving public funds might be targeted on the assumption that their invoice vetting processes are laxer.

6. Financial services:

  • Trust factor: Given the nature of their business, financial service providers often operate on a foundation of trust, which can be exploited.
  • Complex transactions: The multitude of services, from loans to asset management, means varied and often complicated invoicing.

7. Non-profit organizations:

  • Less rigorous scrutiny: Non-profits, especially smaller ones, may lack the rigorous financial controls present in corporate entities.
  • Dependence on grants and donations: Invoices can be manipulated to siphon off funds meant for noble causes.

8. Hospitality and travel:

  • Seasonal operations: Peaks and troughs in business, corresponding to travel seasons, can lead to less stringent invoice scrutiny during busy periods.
  • Diverse services: The range of services, from accommodation to tours, means multiple vendors and invoice types.

Why recognizing vulnerability matters:

For industries more susceptible to invoice fraud, recognizing this vulnerability isn't a sign of weakness but an opportunity. By understanding the weak points and potential gaps in their invoicing and payment processes, businesses can proactively implement controls, technologies, and training tailored to their specific industry challenges, thereby fortifying themselves against potential threats.

Prevention: Proactive vs. reactive approach

In the realm of invoice fraud, the age-old adage, "prevention is better than cure," resonates profoundly. Organizations are often faced with a choice between two predominant approaches when it comes to combating fraud: proactive prevention or reactive resolution. While both have their merits, the scales are increasingly tilting towards the need for a proactive stance, especially in today's dynamic digital environment.

Understanding the approaches:

1. Proactive prevention: This involves taking measures in anticipation of fraud. It's about identifying vulnerabilities and implementing strategies to prevent fraud before it occurs.

2. Reactive resolution: Here, actions are taken in response to a detected fraud. The focus is on mitigating the impact, identifying the perpetrators, and ensuring such an event doesn't reoccur.

Advantages of a proactive approach:

1. Cost-effective: Investing in prevention mechanisms, such as advanced fraud detection software or employee training, is often more cost-effective in the long run than bearing the financial losses of a fraud.

2. Reputation management: Preventing fraud safeguards a company's reputation. A reactive approach, especially if the fraud becomes public knowledge, can tarnish a brand's image and erode trust.

3. Operational consistency: Proactive measures ensure smooth and uninterrupted operations. On the other hand, reactive responses can lead to operational disruptions as resources are diverted to address the fraud.

4. Legal protection: Being proactive can shield companies from potential legal repercussions. It demonstrates due diligence and a commitment to uphold ethical business practices.

5. Moral boost: Employees feel more secure and valued in an environment where potential threats are anticipated and addressed, fostering a sense of trust and loyalty.

Components of a proactive prevention strategy:

1. Risk assessment: Regularly evaluate the organization's vulnerabilities. Understand where the potential gaps are and what can be exploited.

2. Advanced technology: Employ tools that offer real-time transaction monitoring, anomaly detection, and predictive analytics to foresee potential fraudulent activities.

3. Employee training: Continuously educate employees about the latest fraud techniques and how to spot them. Empower them to act as the first line of defense.

4. Vendor verification: Implement rigorous vendor onboarding processes. Regularly audit and cross-check vendor details and payment information.

5. Internal controls: Ensure segregation of duties, especially in financial departments. Implement multiple layers of approval for significant transactions.

6. Regular audits: Periodic internal and external audits can detect discrepancies and validate the effectiveness of the existing controls.

When reactivity is inevitable:

While the proactive approach is highly recommended, it's essential to understand that no system is infallible. Hence, organizations must also have reactive strategies in place:

1. Swift damage control: Immediately halt any ongoing fraudulent activities and limit financial and data losses.

2. Investigation: Understand the how and why of the breach. This can help prevent future occurrences and may aid in legal pursuits.

3. Communication: Inform stakeholders, especially if customer data is compromised. Transparent communication can mitigate reputational damage.

4. Review & revise: Post-incident, review existing systems and controls. What failed? How can it be fortified?

In conclusion, in the battle against invoice fraud, the proactive approach is akin to building strong fortifications, while the reactive strategy is about having a skilled army on standby. Ideally, businesses should strive for formidable fortifications while being prepared with an army, ensuring maximum protection against the ever-evolving threat of fraud.

Best practices to combat invoice fraud

As invoice fraud techniques become more sophisticated, businesses must stay one step ahead to protect their interests. Fortunately, there exists a suite of best practices that organizations can employ to combat this threat effectively. These methods provide a multi-layered defense mechanism, ensuring that companies remain vigilant, prepared, and resilient against fraud attempts.

1. Regular employee training:

  • Stay updated: Fraud techniques evolve, and so should employee training. Regularly update your staff about the latest scam tactics and red flags.
  • Role-specific training: Tailor training according to job roles. For instance, finance teams should be thoroughly trained in invoice verification, while IT teams should be well-versed in cybersecurity measures.

2. Segregation of duties:

  • Multiple eyes: Ensure that no single individual is responsible for ordering, approving, and making payments. Having multiple people involved reduces the risk of internal fraud and provides checks and balances.
  • Approval hierarchies: For significant amounts, have a tiered approval system to ensure multiple senior members validate the transaction.

3. Implement robust internal controls:

  • Automated invoice matching: Use software that can automatically match invoices with purchase orders and delivery notes.
  • Threshold alerts: Set up alerts for transactions above a certain amount or those that deviate from typical patterns.
  • Routine reconciliation: Regularly reconcile supplier statements with your internal records to detect discrepancies.

4. Vendor verification and management:

  • Strict onboarding: Establish a rigorous onboarding process for new vendors. Ensure thorough background checks and gather essential details like physical addresses and contact numbers.
  • Regular audits: Periodically audit your vendor list. Check for phantom vendors or any irregularities.
  • Secure communication: Encourage vendors to report any changes in their payment details through a secured communication channel, preferably in person or over a verified phone call.

5. Embrace advanced technology:

  • Fraud detection software: Invest in software that uses machine learning and AI to detect unusual patterns, discrepancies, or anomalies in financial transactions.
  • Encryption: Ensure that all communications, especially those involving financial transactions, are encrypted.
  • Multi-factor authentication: Implement multi-factor authentication for accessing financial systems and data.

6. Foster a culture of vigilance:

  • Open communication: Encourage employees to report any suspicious activities without fear of repercussions. 
  • Whistleblower policies: Implement strong whistleblower policies to protect individuals who come forward with information on internal fraud or malpractices.

7. Periodic external audits:

  • Third-party validation: Occasionally, engage external auditors to review your financial transactions. An external eye can provide a fresh perspective and might catch discrepancies that internal teams miss.

8. Develop a response plan:

  • Immediate action: In the unfortunate event of fraud detection, have a clear action plan. This should involve halting any dubious transactions, initiating investigations, and informing stakeholders.
  • Post-incident analysis: After addressing the immediate concerns, analyze the breach. Understand how it happened and tweak your systems and processes to prevent future occurrences.

9. Stay informed:

  • Industry collaboration: Collaborate with industry peers and join forums or networks where businesses share information on the latest fraud threats and best practices.
  • Regulatory compliance: Ensure compliance with industry regulations regarding fraud prevention and data protection.

10. Physical and digital security:

  • Document management: Securely store or destroy physical invoices and related documents to prevent unauthorized access.
  • Cybersecurity: Regularly update and patch systems, use firewalls, and ensure endpoint security to safeguard against cyber threats related to invoice fraud.

In the grand scheme of business operations, adopting these best practices does more than just combat invoice fraud; it establishes a foundation of trust, diligence, and integrity. By prioritizing security and transparency, businesses not only protect their financial assets but also strengthen their reputation and stakeholder relationships in an increasingly interconnected and challenging business landscape.

The future: Predictions and preparations

As the digital era continues to unfold, the landscape of invoice fraud is bound to evolve, shaped by technological advancements, shifting business practices, and the inexorable drive of fraudsters to exploit new avenues. Anticipating these changes and preparing for them is essential for businesses aiming to stay resilient and proactive. Here’s a glimpse into the potential future of invoice fraud and how businesses can gear up for the challenges ahead.


1. Sophistication of fraud techniques: As businesses adopt advanced security measures, fraudsters will inevitably refine their methods. Expect to see more technologically sophisticated scams that are harder to detect and trace.

2. AI-powered fraud: Just as companies are leveraging AI for fraud detection, criminals might use it to study patterns, predict security measures, and devise counter-strategies, leading to an AI vs. AI battle in fraud prevention.

3. Blockchain in fraud: With the rise of decentralized finance (DeFi) and increased adoption of blockchain, there might be attempts to exploit vulnerabilities in smart contracts or conduct fraud in decentralized systems.

4. Increased insider threats: As external defenses strengthen, there might be a rise in internal or insider threats. Disgruntled employees, those facing financial difficulties, or even those recruited by external fraudsters could become key players.

5. Hyper-targeted scams: With vast amounts of data available, fraudsters might design hyper-targeted scams, tailoring their methods for specific industries, companies, or even individuals.

6. Exploitation of emerging technologies: As new technologies emerge, there will invariably be a learning curve associated with their security implications. Fraudsters will aim to exploit these gaps before they are widely recognized and addressed.


1. Invest in continuous learning: As threats evolve, continuous education and training for employees become paramount. Stay updated on the latest fraud techniques and countermeasures.

2. Leverage advanced tech for defense: Embrace technologies like AI and machine learning for real-time fraud detection, predictive analysis, and behavioral analytics to spot anomalies.

3. Revisit and revise security protocols: Periodically review and update security measures. What worked yesterday might not be sufficient tomorrow.

4. Collaborate and share intelligence: Foster collaboration with other businesses, industry groups, and regulatory bodies. Sharing knowledge about new threats and best practices can benefit the broader business community.

5. Adopt a holistic security approach: Beyond just financial transactions, ensure a comprehensive security posture that covers data protection, access controls, endpoint security, and more.

6. Scenario planning: Engage in regular "what if" scenario planning. By simulating potential fraud attacks, businesses can identify vulnerabilities and refine their response strategies.

7. Ethical standards and company culture: Foster a company culture based on strong ethical standards. A committed and content workforce is less likely to engage in fraudulent activities or fall for scams.

8. Embrace blockchain securely: If integrating blockchain into operations, ensure a thorough understanding of its security implications. While blockchain offers robust security features, it's not immune to fraud.

In the ever-changing chessboard of business operations, invoice fraud represents a relentless adversary, always seeking an upper hand. Yet, by anticipating future moves and strategizing accordingly, businesses can maintain control, ensuring they remain not just one, but several steps ahead in this intricate game of strategy and wits. The future might be uncertain, but with foresight and preparation, it need not be daunting.


In the intricate tapestry of modern commerce, invoice fraud has emerged as a pressing challenge, demanding the attention and vigilance of businesses across industries. As we've journeyed through its various facets, from understanding its nuances to envisaging its future trajectory, the need for proactive measures and adaptability stands clear. In our last article, "How to Keep Your Fraud Detection System Adaptable," we emphasized the dynamism required in today's fraud prevention strategies. Echoing that sentiment here, it's evident that the fight against invoice fraud isn't a one-time endeavor but an ongoing commitment. By staying informed, leveraging technology, and fostering a culture of vigilance, businesses can not only combat this menace but also pave the way for a secure, transparent, and thriving future.