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