Fraud Roundup: Newer Frauds and How to Spot Them When Targeted

Author: Mary Schaeffer

Over the last few years, it has become appallingly apparent that crooks are getting quite adept at targeting organizations and their employees. The amounts of money involved are often quite large and more than a few organizations have lost millions of dollars. Horrifically, a few AP professionals have lost their jobs over these frauds. And they keep coming, finding new ways to circumvent the fortress built to stop them. And as much as I hate to say this, they continue to find loopholes to worm their way into targeting everyone from the CEO right down to the lowest level clerk.

Current indications are that not only are these frauds continuing, they are picking up speed. Criminals did not take a holiday because of COVID; instead, they amped up their efforts. What’s more, some of the frauds are being perpetrated against individuals in addition to businesses. So, attendees will get some tips on how to protect themselves, as well.

This session will include all the new frauds related to the Coronavirus crisis. Alas, they are already starting to emerge and, once again, accounts payable is front and center as a target.

Publication Date: November 2021

Designed For
Accountants, controllers, accounting managers, auditors (internal and external), Treasurers, CFOs, CEOs, accounts payable professionals, procure-to-pay professionals, and travel managers.

Topics Covered

• When you are being targeted
• Potential new frauds, including those that emerged during COVID
• Necessary steps to prevent a crook from succeeding
• Educate your staff (and management) about the newest threats
• When information is being requested fraudulently

Learning Objectives

• Recognize when you are being targeted
• Identify potential new frauds, including those that emerged during COVID
• Describe how to take the necessary steps to prevent a crook from succeeding
• Identify how to educate your staff (and management) about the newest threats
• Recognize when information is being requested fraudulently
• Identify the top reason why fraud is not reported
• Recognize what percent of respondents have experienced various types of frauds based on the AP Now Survey
• Recognize incorrect statements with respect to fraud protection
• Identify the least frequent way invoices are received
• Identify a component of the "smell" test
• Identify the silver bullet with respect to fraud prevention

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Accounting (1 hour), Auditing (1 hour)

Program Prerequisites
None

Advance Preparation
None