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AP Fraud Evolves
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The more fraud changes, the more it stays the same. While a new type of financial fraud is plaguing finance departments across the country, the old standby - check fraud - has not gone away.
This issue features information from the latest survey from the Association of Finance Professionals as well as some tips to help you better identify potential fraudsters within your own organization.
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| Patrick Harbin – Editor
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Corporate Account Takeover |
According to the 2011 AFP Payments Fraud and Control Survey, 14 percent of participants experienced a new form of fraud called corporate account takeover, in which the victim is an unexpectedly willing participant.
See Latest Fraud Threat: Corporate Account Takeover on TAPC.
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Fraud Perpetrators |
A 2010 report from the Association of Certified Fraud Examiners (ACFE) painted a portrait of fraud activity during the previous year, including the characteristics of the common perpetrator. According to the report, average fraud perpetrators are:
- First-time offenders: Just 7 percent of frauds were committed by someone with a prior fraud conviction.
- Not managers: 42 percent of perpetrators are employees, while 31 percent are managers and 17 percent are executives.
- Between 31-45 years old: This age group is responsible for more than half of all fraud cases.
To learn more about fraud warning signs and prevention techniques, be sure to attend the session, "Preventing Employee Theft, Embezzlement and AP Fraud," featuring Gregory Esslinger, Managing Director, FTI Forensic & Litigation Consulting. The session is part of the upcoming The Accounts Payable Network AP Leadership Conference April 11-13th in Atlanta. Conference attendance arns up to 13 CEUs.
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Just for Fun! |
While the price of just about everything seems to be going up (especially when it comes to running our cars), it's surprising to learn that one important cost is actually shrinking. See Americans Driving Safely, and It's Saving Us Money.
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