Did you know that April is Fraud Prevention Month? It snuck up on me too. But it is perfect timing as this week I’m going to highlight some of Oversight’s best posts on fraud prevention.
Each week I’ve been aggregating great pieces of thought leadership we’ve put out that you may have missed. Previous posts in this series include:
- 5 Posts On Financial Compliance You Can’t Live Without Reading
- Oversight’s Top 5 Blog Posts on Travel Spending and Traveler Management
- 5 Posts On the Importance of Expense Management
I had a large amount of great blog posts to choose from, which speaks to how serious Oversight is about putting an end to fraud, waste, and misuse in corporate card programs. It was so hard to just pick five, so instead I chose six.
5 Tips for Fraud Prevention – To honor Fraud Prevention Month last year, Chris Rossie wrote a great “5 Tips” piece on behaviors to look for in your corporate expense program. Even though it is a year old, the tips are still incredibly relevant and worth a read.
The #1 Thing You Can Do To Reduce Expense Fraud - Patrick Taylor weighs in on the most important action to take in order to reduce instances of expense fraud. You may be surprised by what makes the top of his list!
Expense Fraud is an Insiders Game - Chris Rossie writers, “In the 2013/2014 Annual Global Fraud Survey commissioned by Kroll and executed by the Economist Intelligence Unit, 630 of 901 senior executives polled reported at least one type of fraud in the previous year. Interestingly, 74% of these frauds involved insiders.” Still think fraud won’t happen at your company? Think again.
In 2015- Focus on External Threats, Internal Threats, or Both? - While we aren’t advocating you ignore external fraud and security threats, insider fraud is very real and often doesn’t get the emphasis it deserves. Organizations want to think the best of their employees and it is all too common to hear “we’ve never had a fraud here.” Our 2014 Spend Analysis Report for T&E proves this simply isn’t true. Read more from this blog post by our CEO Patrick Taylor and find out why you should focus on both this year if you want to truly fraud-proof your spending program.
Why Asking for Receipts Is Old School….and Won’t Prevent Fraud - “While most of us can agree that these arguments are a little silly and out-of-date, the fact remains that most expense management policies require hard-copy receipts. While receipts are a part of good business and matching receipts to expenses is good practice, their ability to prevent fraud is about as thin as the paper they’re printed on.”
When Expense Fraud Happens in Higher Education - Expense fraud isn’t just for corporations; it can happen anywhere that has a purchase card program, as was the case with the Georgia Tech Research Institute. Read Chris Rossie’s take on the scandal to find out how this fraud could have been avoided.