With fraud tactics getting smarter every year, staying one step ahead is a must for finance teams. Do you have your anti-fraud tactics in place? Our 2024 research study shows that fraud prevention is a key priority for AP leaders in 2025. 53% of respondents believe that mitigating fraud and cyber security is their second biggest challenge this year.
As we roll into 2025, now’s the perfect time to sharpen your defenses.
Anti-Fraud Resolutions
Here are five practical resolutions to protect your team from fraud and keep things running smoothly.
1. Make Technology Your Best Friend
Automation and AI aren’t just buzzwords – they’re your frontline defense against fraud.
- Automate vendor setups to avoid manual errors (and sneaky fake vendors).
- Use AI-powered tools to spot weird patterns and red flags in transactions faster than you can say “fraud alert!”
Tech like this doesn’t just make your life easier – it makes your systems smarter and safer.
2. Train Like a Fraud-Fighting Pro
When it comes to fraud, knowledge really is power. Make 2025 the year your team gets serious about fraud awareness.
- Regular training sessions: help everyone spot phishing emails, invoice scams, and other nasty tricks.
- Level up with our Certified Fraud Prevention Specialist (CFPS) course – because having fraud experts on your team is a game changer.
It’s not just about knowing what’s out there – it’s about staying ready to stop it in its tracks.
3. Stay Ahead of the Game
Fraud tactics evolve fast, so staying up to date is non-negotiable. Mark these key events on your 2025 calendar:
- Finance Leader’s Fraud Prevention Summit (Virtual, February 11-12): Two days of expert insights and practical tips. Watch this space for more information and how to register.
- Accounts Payable Leadership Conferences: Fraud prevention is a hot topic on the agenda in London (March 21) and in the US and Canada later in the year.
Stay plugged into industry events, updates, and trends to outsmart even the most cunning fraudsters.
4. Tighten Up Your Internal Controls
No one loves paperwork, but clear processes save you from headaches (and fraud).
- Separate duties so no one has unchecked access to payments.
- Put a rock-solid approval hierarchy in place.
- Run regular audits to sniff out any suspicious activity before it becomes a problem.
It’s like locking your doors and windows before you go on holiday – simple, but it works.
5. Build a Fraud-Savvy Culture
Fraud prevention isn’t just a policy – it’s a team mindset.
- Encourage open conversations about potential risks.
- Reward team members who flag suspicious activity (no shame in being cautious!).
- Make fraud prevention part of your daily workflow, not just a once-a-year training.
When everyone’s on the same page, you’re tougher to beat.
Your Anti-Fraud Action Plan
2025 will bring challenges, but with the right tools, training, and teamwork, your finance team will be ready for anything. Want to dive deeper? Join IFOL’s events, check out the CFPS course, and keep fraud prevention top of mind all year long.
Let’s make 2025 the year we give fraudsters a run for their money!