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Steps to take following a fraud incident

August 3, 2021
March 22, 2023


Q. We recently discovered that a payment we released went to a fraudulent vendor. It was a phishing attack. While we worked with the bank to resolve the issue, can you provide me with a list of procedures/steps you take if fraud is discovered? I read a lot of articles on fraud prevention but could not locate any procedures to put into place (or steps to take) once it actually happens.  A. (From the IOFM Advisory Panel) ----- My company had a similar fraud happen long before I came (but we are…

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