My last 13 posts have been specific tips designed to help you do a better job preventing fraud at your company. My hope is that by calling your attention to the variety of ways that people commit fraud and by sharing these anecdotes you’ll be proactive in putting in place checks and balances and sticking [...]
Posts Tagged ‘fraud’
13 Fraud Prevention Tips
Posted in Fraud, tagged CFO, business, stealing, fraud, Money, theft, Accounts Payable, purchase orders, fraud prevention on April 30, 2012 | Leave a Comment »
Fraud Prevention Tip: Trust Your Instincts
Posted in Fraud, tagged Atlantic City, Columbia, firing, fraud, imagination, instincts, mob, paranoia, scam on April 27, 2012 | Leave a Comment »
Without trying to justify anyone’s overactive imagination and undue since of paranoia, I want to finish my series on fraud by providing you with one last fraud tip: trust your instincts. That’s not a reason to go firing people without evidence, but if you think that something fishy is afoot, trust your instincts and investigate [...]
Fraud Prevention Tip: Think About the Financial Impact of Rare Events on Your Business
Posted in Fraud, tagged CFO, Controller, fraud, scam, off-book transactions, insurance, rebate, Sales Performance Incentive Plans on April 24, 2012 | Leave a Comment »
The smoothest kind of scam – and one of the hardest to detect – is what I call an off-book transaction. Just a For Instance An off-book transaction most often happens because something rare occurs at your business. Let’s say, for instance and hopefully not, that there’s an extraordinary event like a fire or a [...]
Fraud Prevention Tip: Match Your Purchase Orders Against Your Invoices Before Putting the Invoices in Your System
Posted in Fraud, tagged Accounts Payable, Controller, fraud, invoices, Jacksonville, oil, packing slips, purchase orders, railroad company, receivables on April 20, 2012 | Leave a Comment »
Let’s talk about Accounts Payable. We have a tendency to put certain processes on auto-pilot because it’s much easier that way, and accounts payable is one of those. It’s not because whoever is doing your payables isn’t paying attention – it’s because he or she is only one cog in the ordering wheel. She’s not [...]
Fraud Prevention Tip: Always Poke Around Your Books
Posted in Fraud, tagged CEO, CFO, Controller, payables, fraud, Money, accounting, theft, checks, books, auditor, ledger, Quickbooks, companies, supplies, payment, suppliers, bills, Chattanooga, California, Indiana, Discover Card on April 13, 2012 | Leave a Comment »
When companies start the CEO or business owner is the one signing all of the checks. That’s just the nature of a start up and a small business. But after a company grows and other people – CFO, controller, auditor, etc. – are put into the position of check signer, the CEO or a majority [...]
Fraud Prevention Tip: Take All Shortages Seriously
Posted in Fraud, tagged cash, cash drawers, checkout counters, fraud, idiots, overages, revenue, shortages, stealing, theft on April 10, 2012 | Leave a Comment »
In businesses with checkout counters and cash drawers, it can be very easy to just accept a standard over/under on drawer counts. A number of other places that involve balancing books will also allow this to be so. I’m the first to say that if you’re balancing out $100,000 in revenue and find that you’re [...]
Fraud Prevention Tip: Focus on Checks and Balances that are Rechecked and Rebalanced
Posted in Fraud, tagged abuse of power, checks and balances, Constitution, education, fraud, psychological deterrent, school, United States, US Government on April 6, 2012 | Leave a Comment »
I debated making this idea its own tip, as it may be more of a motif that just runs through darn near every one of my fraud tips and posts, but I opted to include it just to make sure that you heard me say it enough times. Every good organization has checks and balances. [...]
Fraud Prevention Tip: Change the Standard by Which You Check Your Transactions
Posted in Fraud, tagged C-Level, CFO, checks, co-signer, expense reports, fraud, payroll, senior management, Suwannee on March 30, 2012 | Leave a Comment »
My last tip concerned reviewing the payroll, but anybody running a business knows that’s far from the only expense that fraudsters can tamper with. Many companies have expense reports. Sometimes they come from traveling consultants or a sales force. Other times they’re the domain of local managers who take associates and leads out for meals [...]
Fraud Prevention Tip: Always Have Someone Double Check the Payroll
Posted in Fraud, tagged appendectomy, Aunt Tess, betrayal, fraud, payroll, theft on March 27, 2012 | Leave a Comment »
There are a number of good payroll services out there that will handle all of your payroll needs. All you do is enter employee hours or salaries into the system and – poof! – everybody gets paid on Friday. Many businesses opt not to engage a service like this; perhaps they don’t like the technological [...]
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