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A Fraud Happened: Now What? [Prevent Losses]
The unthinkable happened: fraud. A fraud happened now what should you do to prevent
losses? Knowing what to do when a fraud occurs is the first step in fraud protection.
Preventing losses is part of the equation but there’s lots more. What you do in those first
minutes will go a long way towards protecting your organization and hopefully preventing
fraud losses.
Accounts payable fraud involves money most of the time. But sometimes criminals
manipulate data to achieve this goal. They frequently use email but this is not the only tool
for those looking to commit fraud in accounts payable. One of the most frequently asked
questions, what should I do if I discover an employee stealing, is addressed in this video. It
is difficult but not nearly as frustrating as the question: what should I do if I discover my
manager stealing.
Frequently this involves some sort of sophisticated accounting fraud and it is difficult for
audit or accounts payable to uncover it. Most of this type of activity is referred to as white-
collar crime, which includes embezzlement or pink-collar crime. While there are probably
few things more stressful or hurtful to someone’s career than having fraud on your watch,
knowing how to handle the situation is a good first step. Keep in mind, this fraud might be a payment fraud or data fraud. Fraud prevention is highly dependent on strong internal
controls, so don’t overlook that important facet when conducting your fraud investigations
for corporate fraud.
Learn more about AP Now at: www.ap-now.com
Sign up for AP Now’s twice a week, free ezine at www.ap-now.com
Host: Mary Schaeffer (https://www.ap-now.com/)
Credit: Music: https://www.purple-planet.com
View all episodes
By Mary Schaeffer
5
1010 ratings
The unthinkable happened: fraud. A fraud happened now what should you do to prevent
losses? Knowing what to do when a fraud occurs is the first step in fraud protection.
Preventing losses is part of the equation but there’s lots more. What you do in those first
minutes will go a long way towards protecting your organization and hopefully preventing
fraud losses.
Accounts payable fraud involves money most of the time. But sometimes criminals
manipulate data to achieve this goal. They frequently use email but this is not the only tool
for those looking to commit fraud in accounts payable. One of the most frequently asked
questions, what should I do if I discover an employee stealing, is addressed in this video. It
is difficult but not nearly as frustrating as the question: what should I do if I discover my
manager stealing.
Frequently this involves some sort of sophisticated accounting fraud and it is difficult for
audit or accounts payable to uncover it. Most of this type of activity is referred to as white-
collar crime, which includes embezzlement or pink-collar crime. While there are probably
few things more stressful or hurtful to someone’s career than having fraud on your watch,
knowing how to handle the situation is a good first step. Keep in mind, this fraud might be a payment fraud or data fraud. Fraud prevention is highly dependent on strong internal
controls, so don’t overlook that important facet when conducting your fraud investigations
for corporate fraud.
Learn more about AP Now at: www.ap-now.com
Sign up for AP Now’s twice a week, free ezine at www.ap-now.com
Host: Mary Schaeffer (https://www.ap-now.com/)
Credit: Music: https://www.purple-planet.com
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