Bank Account Best Practices: Fraud Protection

You are not going to believe how far a bunch of criminals went recently to make an email look legit. I was blown away when I saw it, but upon reflection, it makes a lot of sense – from their standpoint, anyway. Wait until you hear how they started the fraud. It really got me thinking, about the challenges accounting and finance professionals encounter with regards to keeping both their company’s bank accounts and their own personal accounts safe. Make sure you stick around until the end when we share one tactic that you absolutely should not do. And before you say, there’s no way I would ever do that, keep in mind I’m mentioning it because I heard Mr. Beast – one of the most successful young YouTube entrepreneurs mention laughingly that he had done this exact thing … and of course, he’s changed this practice.

The accounts payable invoice process is critical to the success of the accounts payable function. The three-way match concept is the standard approach used in accounts payable departments across the country, or at least those that use accounts payable best practices. It involves comparing the purchase order vs invoice and the receiving document and is a strong accounts payable internal control.

Link to FRAUD Alert 13 Warning Signs
https://youtu.be/zPiYdAYaEhA

Link to Accounts Payable Month Playlist (long and shorts) https://youtube.com/playlist?list=PLtL6rWSXZ-HdXQrxOFqXLPw5t0g7YjhVh

Link to Can You Spot the Phony Email Address
https://youtu.be/8IkeqkkQ2Do

Link to Accounts Payable Best Practice Playlist
https://youtube.com/playlist?list=PLtL6rWSXZ-HcvMSJTdNs0BCQJ0Ivb4l9V

Link to Changing Invoice Best Practice Playlist https://youtube.com/playlist?list=PLtL6rWSXZ-HeE6BWKJaVwVMsri7UfQ4vh

Link to Accounts Payable Internal Controls Playlist
https://youtube.com/playlist?list=PLtL6rWSXZ-HdV9JIterJ-bf6TwMset_z_

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Host: Mary Schaeffer (www.ap-now.com)