Steps to take following a fraud incident

August 3, 2021

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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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Naturally, this forum doesn’t allow the kind of full information exchange necessary for the Institute of Finance & Management (IOFM) to provide legal advice and the Expert is not a tax attorney in any event. Please understand that the nature of our responses are limited by these constraints as well as the site’s Terms of Use. If you have further questions or suggestions about how we can improve IOFM, please let us know. 
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