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, […]
If you’re still using paper checks for making vendor payments, be aware: Check theft crime is making a comeback. According to a cybersecurity research group at Georgia State University that monitors dark web activity, crooks can easily steal a business’s bank checks by: targeting unattended bills left outside the building for USPS carriers to pick […]
Your A/P security best practices probably include a confirmation phone call whenever a vendor emails you that their bank info’s changed. But because fraudsters are becoming more skilled at fooling businesses like yours, it’s important to take the time to verify that whoever is requesting the change is, in fact, your vendor and not a […]
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 […]
