Fraud Prevention Tips
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The document summarizes a presentation by Sherry DePew on fraud prevention. It discusses the fraud triangle of opportunity, motive, and character. Examples of different types of fraud are provided, including employee expense report fraud, accounts payable fraud, and product theft. Prevention methods like segregation of duties and vendor validation are also summarized. Trends in fraud over time and acknowledgements are briefly mentioned.
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Fraud Prevention Tips
- 1. September 15, 2009 CONFIDENTIAL Copyright © 2009 Lavante. All Rights Reserved . Presents “ Fraud: Don’t Learn the Hard Way”
- 4. Fraud Triangle CONFIDENTIAL Copyright © 2009 Lavante. All Rights Reserved. ON-DEMAND SOLUTIONS FOR THE P2P WORLD Opportunity Character
- 5. Character CONFIDENTIAL Copyright © 2009 Lavante. All Rights Reserved. ON-DEMAND SOLUTIONS FOR THE P2P WORLD Controls Background Checks Personal and Professional References
- 6. Opportunity CONFIDENTIAL Copyright © 2009 Lavante. All Rights Reserved. ON-DEMAND SOLUTIONS FOR THE P2P WORLD “ If you make it easy for people to steal from you, they will.” - Frank W. Abagnale Controls Be Skeptical Segregation of Duties
- 7. Motive CONFIDENTIAL Copyright © 2009 Lavante. All Rights Reserved. ON-DEMAND SOLUTIONS FOR THE P2P WORLD Controls Family or Personal Crisis Economic Impact
- 9. Do You Know? CONFIDENTIAL Copyright © 2009 Lavante. All Rights Reserved. ON-DEMAND SOLUTIONS FOR THE P2P WORLD % ? ? % ? %
- 10. Expense Report Fraud CONFIDENTIAL Copyright © 2009 Lavante. All Rights Reserved. ON-DEMAND SOLUTIONS FOR THE P2P WORLD
- 11. Receipt?
- 12. Receipt? CONFIDENTIAL Copyright © 2009 Lavante. All Rights Reserved. ON-DEMAND SOLUTIONS FOR THE P2P WORLD
- 13. Receipt? CONFIDENTIAL Copyright © 2009 Lavante. All Rights Reserved. ON-DEMAND SOLUTIONS FOR THE P2P WORLD
- 14. Accounts Payable Fraud CONFIDENTIAL Copyright © 2009 Lavante. All Rights Reserved. ON-DEMAND SOLUTIONS FOR THE P2P WORLD Opportunity: An AP Team member discovered an alternate name field in the ERP system shortly after the initial install. She found that she could change the name on the check without vendor add/change access. Although the name on the check was changed, there was no change to the vendor ID or address.
- 17. The Trail of Evidence CONFIDENTIAL Copyright © 2009 Lavante. All Rights Reserved. ON-DEMAND SOLUTIONS FOR THE P2P WORLD Receive Invoice Make Duplicate Invoice Pay two with different amounts using different invoice numbers Payments scheduled a week apart Funds credited to Employee account as directed on the payment
- 18. Tipped Off CONFIDENTIAL Copyright © 2009 Lavante. All Rights Reserved. ON-DEMAND SOLUTIONS FOR THE P2P WORLD
Notes de l'éditeur
- An individual whose personal character would not normally allow themselves to be part of fraudulent behavior can change with motive and opportunity.
- C= Controls Be Skeptical and follow up on your hunches, if something doesn’t look or feel right, trust yourself. For most companies it’s a very good thing that it takes motive and character along with opportunity to lead to fraud.
- C= Controls Be Skeptical and follow up on your hunches, if something doesn’t look or feel right, trust yourself. For most companies it’s a very good thing that it takes motive and character along with opportunity to lead to fraud.
- Signed up for training, used the on-line registration as a receipt for reimbursement bud didn’t attend the class. Travel receipts submitted for reimbursement when the employee was in the office.
- AP Customer Service person knew immediately what we were dealing with, she brought me the name and phone number of the Bank representative. In talking with the bank I was able to get a list of payments made to this account since the person was hired and quickly traced over $55,000 in payments in 10 weeks. It took me about one hour to secure enough documentation to take this to our CFO, we called Corporate Security from his office. Press Charges? She’s serving out her second sentence for embezzlement. (What I didn’t know)