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.

How One IOFM-Trained AP Hero Saved Her Organization from Being Bilked for $120,000

Strong internal controls and proper training are proven deterrents to fraud. In recently reported cases, Accounts Payable professionals have been able to keep potential malicious intruders at bay,

Strong internal controls and proper training are proven deterrents to fraud. In recently reported cases, Accounts Payable professionals have been able to keep potential malicious intruders at bay,… Read More

Vendor Fraud: IOFM Training Keeps AP Pros on Their Toes

As fraud expert Rocco Lueck, Assistant Professor of Accounting and Risk Management at Hilbert College, noted at a recent IOFM AP & P2P Conference, "Accounts Payable professionals cannot

As fraud expert Rocco Lueck, Assistant Professor of Accounting and Risk Management at Hilbert College, noted at a recent IOFM AP & P2P Conference, "Accounts Payable professionals cannot completely… Read More

As Fraud Proliferates, Internal Controls Become a Priority

Alan Wenk, corporate accounts payable manager at the Performance Contracting Group in Lenexa, Kansas, believes that AP professionals can sometimes lose sight of the “whys and wherefores”

Alan Wenk, corporate accounts payable manager at the Performance Contracting Group in Lenexa, Kansas, believes that AP professionals can sometimes lose sight of the “whys and wherefores” of… Read More

How Internal Fraud Impacts Fraudsters, Businesses and Their Employees

When looking at the damaging effects of fraud on a business, three major companies come to mind: WorldCom, Enron, and Toys ‘R’ Us. In each of these cases, weak or nonexistent internal controls… Read More

Five Practices to Prevent P-Card Misuse and Fraud

A common myth about purchasing cards (P-cards) is that they are easy targets for fraud and employee misuse. The pervasiveness of this myth may have convinced some organizations to resist their

It Can’t Happen Here—or Can It?

Accounts payable fraud is everywhere. And while you may be convinced it’s not happening in your department, consider this statistic: According to the Association of Certified Fraud Examiners’

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… Read More

Check Security: Thresholds and Signing Practices

Although research shows that the number of organizations that use check payments is decreasing, many organizations are still relying heavily on these paper remittances. With check fraud still the… Read More

Best Practices for Elevating Your Accounts Payable Internal Controls and Compliance Program

Best_Practices_for_Elevating_Your_Accounts_Payable_Internal_Controls_&_Compliance_Program As a foundational corporate transactional function, accounts payable establishes the integrity of the supplier master file within the Procure to Pay (P2P) process and ensures accuracy of this

International Security Risks: Perception vs. Reality

Security directors already have a full plate of concerns related to international security risks, but you need to add another, warns James Clapper Jr., Director of National Intelligence. Clapper told