We are worried about fraud, what can we do?

It is important to maintain vigilance against fraud from many angles. How do decision makers know they are protected and protocol is working appropriately?

Be vigilant and avoid basic mistakes if possible. Strong financial controls are essential and where teams are pushed for capacity the temptation is to relax controls, when the situation in fact requires a heightened need for maintaining them. Weaknesses in control frameworks can often be those who can override controls.

Remember, external fraud comes in many guises but a few main forms include:
•    Ransomware (cybercrime)
•    Intercepting payments or altering details
•    Vishing (over the phone)
•    Phishing (email)
•    Smishing (text)

Internal fraud is also a risk and again, protocol should be in place, however, it is important for these controls to be maintained. 
Where making payments to new/unusual suppliers ensure there is appropriate authorisation and details verified.

If you need any support or guidance in connection with your financial controls at this difficult time, please contact us for help.