A Spooky Real-Life B2B Payment Fraud: Lessons Learned

Sadly, criminals are getting quite good at impersonating vendors. This is definitely NOT good news for companies and their accounts payable teams. Today we are going to perform an autopsy on a fraud that was ALMOST successful. We’ll show you the tiny clues the savvy accounting specialist uncovered that put her on the trail of a scam that could have cost her organization a huge amount. In uncovering the fraud at her organization, she helped crack a much larger fraud targeted at one of their suppliers. Stick around until the end when we summarize what you should look for at your organization so you don’t fall into a similar fraud trap created by conniving, savvy fraudsters now targeting accounts payable, treasury and accounting departments everywhere. #fraud #paymentfraud #accountspayable

Accounts payable and accounting require the use of both accounts payable best practices and strong account payable internal controls. For many organizations, the review of expense reports and the requests for reimbursement of expenses, is handled in accounts payable. For the accounts payable process to work well, best practices for AP should be used. By their very nature, accounts payable best practices incorporate strong internal controls and avoid AP control weaknesses.

Link to Verifying Change of Bank Account Requests: Prevent Fraud
https://youtu.be/iBJDDrh3e0k

Link to Fraud Protection Playlist
https://youtube.com/playlist?list=PLtL6rWSXZ-Hd5PdNc1YUkSe5IT77nEVHe

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Host: Mary Schaeffer (www.ap-now.com)

Guest: Colleen Oliphant