Over the last few years, it has become appallingly apparent that crooks are getting quite adept at targeting organizations and their employees. The amounts of money involved are often quite large and more than a few organizations have lost millions of dollars. Horrifically, a few AP professionals have lost their jobs over these frauds. And they keep coming, finding new ways to circumvent the fortress built to stop them. And as much as I hate to say this, they continue to find loopholes to worm their way into targeting everyone from the CEO right down to the lowest level clerk.
Current indications are that not only are these frauds continuing, they are picking up speed. Criminals did not take a holiday because of COVID; instead, they amped up their efforts. What’s more, some of the frauds are being perpetrated against individuals in addition to businesses. So, attendees will get some tips on how to protect themselves, as well.
This session will include all the new frauds related to the Coronavirus crisis. Alas, they are already starting to emerge and, once again, accounts payable is front and center as a target.
Publication Date: November 2021
Designed For
Accountants, controllers, accounting managers, auditors (internal and external), Treasurers, CFOs, CEOs, accounts payable professionals, procure-to-pay professionals, and travel managers.
Topics Covered
- When you are being targeted
- Potential new frauds, including those that emerged during COVID
- Necessary steps to prevent a crook from succeeding
- Educate your staff (and management) about the newest threats
- When information is being requested fraudulently
Learning Objectives
- Recognize when you are being targeted
- Identify potential new frauds, including those that emerged during COVID
- Describe how to take the necessary steps to prevent a crook from succeeding
- Identify how to educate your staff (and management) about the newest threats
- Recognize when information is being requested fraudulently
- Identify the top reason why fraud is not reported
- Recognize what percent of respondents have experienced various types of frauds based on the AP Now Survey
- Recognize incorrect statements with respect to fraud protection
- Identify the least frequent way invoices are received
- Identify a component of the "smell" test
- Identify the silver bullet with respect to fraud prevention
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Accounting (1 hour), Auditing (1 hour)
Program Prerequisites
None
Advance Preparation
None
Instructor
Mary Schaeffer
Mary Schaeffer, founder of AP Now, is a nationally recognized accounts payable and payments expert. She is the author of 20 business books, including 127 Best Practices for Accounts Payable, the host of the AP Now podcast and YouTube channel and recipient of the 2021 Accounts Payable Association’s Wellbeing for Others Award.
Before starting AP Now, a B2B media firm focused on sharing the latest business intelligence on the accounts payable and payment functions, she worked in the corporate trenches of several large finance and treasury departments. She was a Corporate Cash Manager at Continental Grain, a Financial Risk Manager at O&Y, and an Assistant Treasurer at Equitable Life (now part of AXA). She also held the position of Executive Editor for several business publications. Ms. Schaeffer has a BS in Mathematics from York College (CUNY) and an MBA in Finance from New York University.