The latest coronavirus-related scam Finance must watch for

A recent scam proves why it’s critical for your company to track products and purchases – especially essential ones – during these hectic times.

At one company, a vengeful ex-employee hacked into his former employer’s system using a fake user account. Then he edited records to disrupt vital shipments.

For the company, this scam caused delays in the delivery of much-needed personal protective equipment. That threatened both its business reputation and the well-being of the people who needed the shipments.

Thwarting insider threats

CFOs have seen unknown criminals exploit the coronavirus pandemic for their phishing and identity theft scams. But this serves as a good reminder that the criminal could just as well be someone you know by name.

As much as you’d like to think the best of anyone who has worked for your company, you know all too well that insider jobs do happen – especially by disgruntled employees. And with all the layoffs, furloughs and cut hours occurring now, many companies have a whole new crop of unhappy employees who could try this very same thing.

So, to avoid scams, you’ll want to verify your company’s keeping a keen eye on its supply chain. Specifically, it’d be beneficial to share this story and check in with these teams:

• A/P: Remind your staffers how critical it is to secure supporting documentation and confirmation of delivery before paying for products.
• Purchasing and Shipping/Receiving: Solid communication is a key part of monitoring and spotting scams. Reiterate with these department heads how you all must watch incoming and outgoing shipments and deliveries – and speak up if anything seems fishy.
• IT: Want to stop unapproved personnel from getting into your systems in the first place? Double-check with IT that only authorized, current employees have access to your networks and systems.