Cyber criminals are on the loose, stealing money from businesses and consumers and getting away with it! That’s the standard media line we hear all the time, but in actuality the feds are pursuing and catching a fair amount of crooks and making sure they pay a heavy price. For Fiscal Year 2022, the Internal […]
Imagine that someone in A/P got fooled by a bogus invoice in a phishing email and paid hundreds of thousands of dollars to a cybercrook, but you didn’t find out about it until long after the fact. That’s what happened to the city government of Chester, Pennsylvania. A hacker posing as an insurance broker emailed […]
Your A/P department’s master vendor file is a crucial part of managing your company’s supply chain assets, providing data for analysis of spend, payment methods, payment terms and rebates. But that data’s only valuable if it’s accurate and reliable. A master vendor file that contains complete, current and uniform data is also a tool for […]
Your A/P staffers are experts at managing your organization’s payments. However, their work also makes the company vulnerable to business email compromise attacks, which are getting harder to detect. In fact, there were nearly 20,000 reported incidents of business email compromise scams in 2021 – with adjusted losses at nearly $2.4 billion, according to the […]
More criminals are targeting your firm’s bank accounts via ACH credit schemes, intercepting payments you’re already making from these accounts. Credit schemes can be harder to target because the payments are often authorized to fraudulent accounts unknowingly by well-meaning Finance pros. And once the money’s gone, it can be a huge hassle to get it […]
A Finance pro comes to you saying they received a text message from IRS about an audit – or worse, that an IRS rep is at your door wanting to inspect your confidential files. How can you tell whether these requests are legit? IRS recently released guidance to help. How agency reaches out to taxpayers […]
Good news: The Justice Department is finally recommending stiffer penalties for cyber-criminals that target companies’ coffers. The Justice report to Congress, “The Role of Law Enforcement in Detecting, Investigating, and Prosecuting Criminal Activity Related to Digital Assets,” recommends doubling the maximum prison sentence for unlicensed money transmitting from five years to 10 years. If approved […]
Your company credit cards can be a breeding ground for fraud via unauthorized usage, especially if there’s only one person in charge of managing charges and transactions. Lessons learned from two recent cases where companies were scammed out of hundreds of thousands of dollars through improper company credit card usage can help you bolster your […]
One of the largest fraud schemes that’s impacted employers during the age of COVID is unemployment insurance fraud. Often, these schemes occur as part of a larger employer identity theft scheme that can have costly consequences for both companies and employees. In a recent presentation at the American Payroll Association’s 2022 Virtual Congress and Expo, […]
