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Accounts Payable Payment Fraud

By Author: Adam Fleming
Total Articles: 43

Almost all payment types are vulnerable to fraud. They need to be checked!
Payment types that are prevalent today in the market –Automated Clearing House (ACH), checks and cards –are great ways of facilitating quick and at times seamless payments, but come with inherent risks. The most important risk these payment types carry is that of fraud. Any of these payment types is open to fraud.

Like other types of abusers and criminals, payment fraudsters are on the prowl. And they are mostly invisible. They could keep devising new methodologies for perpetrating new kinds of crimes, or they could be refining old ones. This is neither new information nor scaremongering, but just an attempt to place things in the right perspective.
There is a constant need to outsmart the fraudster
Whatever may the means by which these fraudsters carry out their operations, it is financial and other organizations, institutions and individuals involved, that are at the receiving end. So, irrespective of who does this and how they assail security, authorities have to be on their toes in detecting and preventing payment frauds.

The Accounts Payable is a susceptible item and is particularly prone to fraud. Hackers and fraudsters find this enticing, mainly because this money travels from one source to another and goes through many procedures during the course of this route.
Detection is the root
The starting point of a successful Accounts Payable fraud detection is to identify it. This appears easier said than done. This appears simple, unless we reckon with the fact that “detection” is not a magic wand. From which source does one detect the fraud, when there are seemingly innumerable ones?

Having said this, Accounts Payable fraud detection is not impossible and out of reach. The situation is far from being hopeless. A few effective tools for detection and correction of AP fraud do exist. The good news is that these tools act on time, because time is the most important component of fraud detection, just like it is in a medical emergency.
An opportunity to know more

Want to explore the tools that help in detecting and preventing Accounts Payable fraud? You could get all the answers from a webinar, to enroll into which, all that you need to do is log on to http://www.compliance4all.com/control/w_product/~product_id=500729LIVE/~sel=LIVE/~Ray_Graber/~Accounts_Payable_Payment_Fraud,_Risk_and_Risk_Mitigation_%28ACH,_Check,_and_Card%29.

This webinar will have Ray Graber, a consummate professional in the payment industry, as speaker. Ray is a thoroughbred in the area of payments, and brings deep and profound understanding of the way banking and finance converge with technology. He has decades of experience in banking technology, having worked at TowerGroup, FleetBoston Financial, Citibank, BankBoston and Carroll School of Management at Boston College. He has handled the treasury operations for a $ 325 million company.
At this webinar, he will equip participants with just the tools they need for fraud detection. This learning will be very crucial in helping participants overcome problems associated with AP fraud detection.

This session will offer its participants the practical information needed for developing effective processes and procedures that go into identifying, avoiding, and mitigating Accounts Payable fraud. Ray will take up important topics associated with the subject, such as the types of common AP frauds, which common and uncommon flags to look out for, the importance of data analysis, and best practices to mitigate or eliminate Accounts Payable fraud.

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