With just under half of global finance teams admitting they know a victim of accounts payable fraud in the last three years, it’s time to tackle it head on.

Our 2022 Fraud study also revealed that 81% of finance teams felt their manager could do more to protect them from fraud.

Last month – and to help Accounts Payable teams be ‘fraud free in 2023’ – we released 12 fraud prevention tips from our expert trainers.

Here are our top 12 tips. 

  1. Segregation of Duties – no one person can do everything.
  2. Use duplicate checking software to prevent duplicate payments.
  3. Review regularly – controls, suppliers, processes.
  4. Have a culture of risk avoidance.
  5. Trust your instincts – If it doesn’t feel right, it probably isn’t.
  6. If you suspect a caller isn’t real, hang up and call them back.
  7. Regularly carry out tests and spot audits.
  8. Identify any potential vulnerabilities.
  9. Get a health check on your AP processes and controls.
  10. Establish a Control Environment.
  11. Don’t be a victim – look out for suspicious contact through all channels.
  12. Always keep updated on new types of fraud.

Got a tip you wish to share?

Join the IFOL community to have your say, and become part of a network of global AP/P2P professionals.

Interested to read more about our Fraud research?
Access our full research report on Accounts Payable Fraud.

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