Protect Your Company Against Payment Fraud (Currently Unavailable)

Author: Mary Schaeffer

The crooks are getting smarter. Quite a few understand the banking system better than we do. They know the ins and outs and where it is weak. Many think payment fraud could never happen to their organizations. Unfortunately, the numbers tell a different story. Eventually, every single organization will come into the spotlight of one or more crooks. Without the proper precautions, the fraudsters will succeed. Complicating the issue is the fact that whether we like to admit it or not, the risk is both internal and external.

What's more, the rules continually change as crooks adjust to the fraud protections developed by the business community and find new ways to get their hands on your money.

While you can probably never stop crooks from trying to steal from you or your clients, you can make it so difficult they turn their efforts elsewhere. You can also make it virtually impossible for them to be successful. The information presented in this session will help you achieve both goals.

Publication Date: November 2016

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

Topics Covered

• The types of payment frauds likely to impact your organization
• Pinpoint seven common myths that often lull an organization
• Different fraud protection products offered by the banking community
• How to create the proper controls within your organization
• How to create a p-card program that will make potential employee fraud almost negligible
• Best practices are for preventing and detecting p-card, check wire transfer, and ACH fraud

Learning Objectives

• Identify the types of payment frauds likely to impact your organization
• Describe seven common myths that often lull an organization into thinking they don't have to take action against payment fraud
• Evaluate the different fraud protection products offered by the banking community
• Recognize the proper controls within your organization so you can stop employee fraud
• Identify a p-card program that will make potential employee fraud almost negligible
• Describe best practices are for preventing and detecting p-card, check wire transfer, and ACH fraud
• Recognize how to prevent various payment frauds
• Identify who strong internal controls and appropriate segregation of duties apply to
• Evaluate small-dollar invoices best paid using the appropriate payment vehicle
• Differentiate who initiates an ACH credit transaction
• Recognize bank products which will determine if an ACH debit had been initiated from an authorized party
• Identify best and worst practices for deterring fraud
• Describe which article of the Uniform Commercial Code were changed to introduce the concepts of comparable negligence and ordinary care when assigning responsibility for check fraud
• Differentiate levels of data
• Recognize who initiates certain types of transactions
• Describe another term for Business Email Compromise fraud
• Identify the minimum length of mandatory vacations

Level
Basic

Instructional Method
Self-Study

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

Program Prerequisites
None

Advance Preparation
None