Fraud Prevention for AP and AR

Fraud is an ever present threat for AP and AR practitioners. The pages in this section will help you take appropriate steps to prevent fraud - or, understand what to do if you think you are the victim.

3 Payment Fraud Trends in 2024

by Debra R. Richardson - The landscape of payment fraud is continually evolving, and 2024 is no exception. From sophisticated ‘ishing scams targeting individuals through various digital means to… Read More

Why It’s Getting Harder to Not Pay a Fraudster

by Debra R. Richardson - Are there gaps in your vendor onboarding or maintenance process that are causing the creation of duplicate vendor entries? These duplicates not only pave the way for… Read More

Non-U.S. Vendor Setup Series Part 8

Watch Out for These Unique Risks When Onboarding Non-U.S. Vendors by Debra R. Richardson If your company is global, you may need to onboard vendors from different countries and regions. This can… Read More

Outsmarting Voice Clones

Question All Callers, Including Your Leadership - by Debra R. Richardson The Bloomberg article ‘I Need to Identify You’: How One Question Saved Ferrari From a Deepfake Scam (find link below)… Read More

Non-U.S. Vendor Setup Series Part 6

Confirming Remittance Changes Despite Language Barriers and Time Zone Differences by Debra R. Richardson When a U.S. vendor makes a change to its banking details for an electronic payment or a… Read More

“Code Red”: Recovering from a Ransomware Attack

On an otherwise quiet morning in January 2022, Accounts Payable Manager Robert Martinez received a “Code Red” message at his home from the IT Department at Bernalillo County, New Mexico. The… Read More

Internal Fraud: Real-Life Cases

Fraud is happening everywhere, all the time — but often, we never hear about it. When it’s a matter of internal fraud perpetrated by an employee, quite often the individual is simply fired and… Read More

Quiz: How Fraud-Smart Are You?

External and internal fraudsters, scammers and other malicious individuals are always on the lookout for an easy way to lure your organization to release funds and divulge confidential information.… Read More

IOFM Members rely on “Ask the Expert” whenever they’re stumped. IOFM's tax experts are standing by, ready to answer your 1099 compliance questions. And a panel of more than 100 AP practice leaders are also on call for your next best practice question.

VMF reporting to mitigate fraud

Q. We recently moved to Workday for our finance team and I am wondering if anyone can suggest any… Read More

Fraudsters Are Getting Smarter. We Should Be, Too.

Imagine this scenario. A procurement executive that you often work with calls you and says, “We’ve got an emergency on our hands. We need to get this $125,000 payment wired out today or… Read More