Fight fraud: Have A/P focus on this external threat
The A/P department usually presents an attractive target for fraudsters. So ensuring your anti-fraud controls are up to snuff is vital — particularly when it comes this exposure.
According to a recent report by the Association of Certified Fraud Examiners (ACFE), many firms are vulnerable to fraud through their invoice process.
In fact, the ACFE found that almost one-third (27.6%) of all fraud cases involved billing and invoicing.
So it may be a good idea to review your anti-fraud controls in this area — to see if anything can be tightened up.
Here’s one best practice to safeguard your firm: have A/P ask vendors for a line-by-line breakdown on all invoices. This will help to ensure that nothing slips past your Accounts Payable Department.
For more on the ACFE’s report — 2010 Report to the Nations on Occupational Fraud & Abuse — click here.
- Share on
Free Training & Resources
White Papers
Provided by Anaplan
Further Reading
With remote work here to stay, A/P has to work harder to verify crucial information, such as vendor bank account numbers. Unfortunately,...
Collections teams are under added pressure to keep after delinquent accounts and press for payments, even if only partial ones. Waiting too...
The start of the new year looks a lot like what we saw over 2022: Businesses are struggling to pay their bills. Late payments are highe...
“It’s not right, but it is a reality. … You don’t get a lot of budget attached to (vendor setup and maintenance tra...
The list of fraudulent brokerages, securities firms and even financial regulators just keeps getting longer. Hundreds, potentially thousand...
The IRS is sounding the alarm about the top 12 – aka the “dirty dozen” – tax scams that are tripping up businesses,...
