Summer’s winding down. And while it’s not time for Halloween just yet, your A/P pros should still be on the lookout for ghost vendors. Ghost vendors are illegitimate vendors that are entered into your A/P system for fraudulent purposes, typically to embezzle money from your company. Unfortunately, this is one of the most common ways […]
P-cards are a cost-effective and streamlined method for making payments. But if you don’t set adequate rules for procurement staffers, they open the door to misuse, waste and fraud. IRS learned that the hard way. Back in 2013, a Treasury Inspector General for Tax Administration (TIGTA) audit revealed IRS cards were being used to purchase […]
More and more employers are getting on board with using Nacha’s Same Day ACH ever since the agency increased the dollar limit to $1 million in March 2022. During Q2 of 2022, the ACH network processed a whopping 7.5 billion payments – 4.3 billion debits and 3.2 billion credits – largely spurred by growth in […]
While cloud-based software has gradually become the norm for many companies, there are dangers lurking in its use, IRS warns. At its annual Security Summit, the agency laid out some of the pitfalls of using cloud software to store sensitive personnel, tax and financial info – and what Finance and IT can do to protect […]
Between internal fraud risks, cyberattacks and stolen checks, being on guard against fraudulent activity can become an all-day, everyday concern for your A/P department. For instance, the number of fraud complaints nationwide averaged 2,300 per day in 2021 (up from 1,300 daily complaints in 2019), according to the FBI Internet Crime Complaint Center’s (IC3) Internet […]
IRS is once again reminding companies to be on the lookout for tax identity theft schemes as part of its annual Security Summit. Correcting business identity theft can be a long, expensive process. So it’s key to take a preventive approach. Here’s what you and Payroll need to know. Rundown of how identity theft happens […]
Cloud security breaches can cost companies like yours in more ways than one – including damaged brand reputation and lost customers. Here are some recent examples that happened to companies you’d expect to be invulnerable to cyberattacks: Yahoo. The hack started with a spear-phishing email sent to an employee and wasn’t reported until two years […]
Your A/P leaders have an important role to play in keeping company cash out of the hands of criminals. According to the Association of Certified Fraud Examiners’ report “Occupational Fraud 2022: A Report to the Nations,” there’s a lot of cash being lost. The global average loss case amount just from internal fraud is estimated […]
Accounts payable fraud happens at companies of all types and sizes, so it’s important to put checks and balances in place to avoid these issues. One small company learned that the hard way. After the company’s co-owner died, its comptroller was put in sole charge of the finances, according to Frank Rudewicz, a forensics accounting […]
