Fraud

Why Segregation of Duties?

By Pam Miller, APMD There are many controls that can be put into place to ensure that the transactions completed are valid and that the organization is protected from deliberate fraud as well as unintentional errors. Among the most important controls to implement is segregation of duties – or separation of duties, as some call... Read more »
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10 Ways AP Managers Can Prevent Corruption and Fraud

It is every American’s civil duty to keep cash out of the hands of criminals (including fraudsters) and terrorists, and people who work in accounts payable departments have an even greater responsibility to do so, says Judy Bicking, a long-time AP practitioner, speaker, and expert. To make sure AP operation plays a strong role in... Read more »
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Keep Fraudsters at Bay By Tightening Up Your Controls

Fraudulent activities are rooted in the ability of bad actors to gain unauthorized access to funds by circumventing weak financial controls, points out Michael Volkov, CEO of the Volkov Law Group LLC, a firm that specializes in helping companies avoid fraud and other financial crimes. “In many cases, agents, distributors, vendors, and suppliers—real or fake—use... Read more »
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Smart Ways Keep Your Eagle Eye on Payments

We like to think the best of the people with whom we work and do business, but the sad truth is that fraudsters are ever lurking, looking for ways to cheat companies out of their hard-earned dollars. “Payment fraud prevention is so important for AP because it keeps potential malicious intruders at bay,” stresses Lisa... Read more »
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Women Achieve Parity with Men – But Not in a Good Way

By Pam Miller, APMD A recent AP & P2P Network article about fraud referenced a fraud that occurred in a nonprofit organization where two women independently and simultaneously defrauded that organization of enough money to significantly affect the organization’s operations. It turns out that this particular fraud is illustrative of a surprising fact. According to... Read more »
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After the Fraud

By Pam Miller, APMD Recently, the media featured a story of a fraud with a twist. A nonprofit was being undermined by two fraudsters working completely separately, yet at the same time. One fraudster was the CFO, and the other was the AP clerk. Both employees had been with the organization for more than 20... Read more »
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An Unlikely Fraudster Might Be Operating Right Under Your Nose

By Pam Miller, APMD Fraud can occur in any organization and is often perpetrated by an unsuspected long-time staffer. In fact, one of your most “trustworthy” employees may be taking advantage of a weakness in your AP processes or procedures at this very moment! The Association of Certified Fraud Examiners (ACFE) issues a biennial Report... Read more »
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Focus on the Basics to Build Good AP Practices

Accounting professionals in AP departments need to focus on the basic building blocks to provide a firm foundation to protect themselves and their organizations from scandal. Accounts payable staffers need to make sure their goals are clear and the correct accounting processes are in place. Finally, the policy manual needs to accurately reflect the stated... Read more »
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Technology Is a Bonus for Payment Fraudsters

Although the number of payments made by check is declining, checks are still the easiest target for fraudsters. Accounts Payable is on the front line when it comes to foiling the fraudsters, so it is important for AP professionals to continually review their strategies and procedures for fraud prevention. It’s Easier than Ever to Create... Read more »
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Beware the Warning Signs of Fraud

AP managers and employees should be familiar with the red flags of fraud. These red flags can serve as important warnings to AP staff of potential problems. AP managers who fail to recognize such signs might find themselves entangled in an accounting scandal. Such scandals can prove costly to the organization. Worse still, AP managers... Read more »
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