Whether it’s online or in the real world, fraud prevention
Fortunately, there are a number of best practices your company can follow to ensure you keep a strong security posture for years to come:
1) Make staff aware of evolving AP risks
As such, it’s vital for those with access to AP accounts, at any level, to understand these risks and others to make sure they can identify the potential warning signs of these types of fraud.
2) Add accountability
When employees spot potential issues with any account associated with the AP process, they need to be able to report it to the proper people within the company. Ideally, this reporting process would involve more than one superior, because unfortunately, KPMG found that most people committing fraud from within a company tend to be
Therefore, having multiple people who will receive notice of suspected fraud could help to both get more eyes on the problem and protect against insider threats.
3) Build in safety checks
Along similar lines, when payments need to be made to other businesses, your company has a vested interest in multiple layers of approval to avoid fraud. While most people act with the best of intentions, security risks will still arise, and that could lead to fraudulent transactions. This MineralTree video explains why having more than one set of eyes can stop fraudsters in their tracks:
When more people have the ability to review any payment sent out, the additional layers of security keeps the process transparent. And with cutting-edge
4) Train all staff in security measures
Hacking and phishing attacks are increasingly being targeted at small and medium-sized businesses, because criminals know they often don’t have the massive security budgets larger companies do. To make sure you’re protected, you need to train your staff in the ways to identify potentially fraudulent emails, regardless of whether they deal with AP specifically.
Often, all hackers need to get into a system is access to one person’s account, usually obtained by downloading a single file or clicking just one link, so everyone from the receptionist to the CEO must understand how to spot and deal with potential issues.
5) Get a bird’s-eye view
Investing in the latest
By working with MineralTree, those in charge of overseeing their companies’ accounts payable issues – whether they’re controllers or AP managers – can significantly reduce these risks. That’s because so many of MineralTree’s features are specifically designed to build in additional security that addresses many of the above risks.
Furthermore, your company can get more peace of mind with
With new types of threats constantly evolving, companies need to stay on top of their game to detect and stamp out accounts payable fraud. A little attention in this area could go a long way toward ensuring they remain protected on an ongoing basis. To learn more, request a