September 2021: Fraud Prevention and Mitigation

October 8, 2021



Metric of the Month: Invoices on the Rise

The number and size of invoices have climbed for the vast majority of AP teams for the third consecutive quarter, a recent IOFM poll revealed. Every new invoice increases the likelihood for a fraudulent invoice to slip through the cracks, particularly as organizations work through the changes to in-office vs. home-based staff, and the accompanying confusion about invoice routing and secure processes. Moreover, because the size of invoices is also expanding, the size of potential fraud is also likely to be larger.

Reconnect with Peers in Denver this November!

Join us at the APP2P Conference & Expo this November 8-10 at the Hyatt Regency in Denver, CO to reconnect with hundreds of your peers, increase your expertise through educational sessions, and learn tips to help boost your career.




Fraud and the Vendor Master File

One of the biggest ways fraudsters scam companies involves the vendor master file. That happens through business email compromise (BEC), phishing and other techniques that allow them to misdirect payments to themselves. VMF expert Debra R. Richardson explains how to avoid getting ripped off.




Prepare for 1099 Season with our Fall Compliance Webinars!

Are you ready for 1099 season? Members enjoy exclusive access to 12 Compliance Webinars annually. The knowledge gained from attending these webinars can help your team reduce the risks of incurring costly fines.




Real-Life Fraud Experiences

Many AP departments assume fraud can’t happen to them—until it does. The IOFM Advisory Panel recently shared some of their experiences with attempted fraud, how they handled them and what their preventive practices are. We also provide numerous links to IOFM resources on the topic.




Measure your Team’s Performance with the 2021 Benchmarking Reports

The 2021 Benchmarking Reports are now available! Members can download them for free today, and Non-Members can gain access after a 10-minute demo with one of our Membership & Training Advisors.




How Managers Can Help Prevent Fraud

Managers have a responsibility to enforce compliance and protect their organizations from being scammed, but how? Awareness, strong internal controls and education all play an important part in arming finance leaders to prevent fraud. IOFM trainer Judy Bicking offers valuable management tips.


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