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 […]
Business email compromise scams are still a costly force to be reckoned with. And your Finance team can’t afford to let its guard down. For example, First Citizens Community Bank, which has locations in Delaware, New York and Pennsylvania, recently issued a press release warning its business customers about a new rising wave of email […]
Give your Payroll team the heads up: There’s a new spear phishing scam email making the rounds that’s attempting to steal their account credentials by trying to convince them to access a fake version of IRS e-Services. When cybercrooks steal the identity of someone they think is a tax preparer or has access to sensitive […]
