Do You Suspect a Fraudster? — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily

Do You Suspect a Fraudster?

by on
in Leaders & Managers,Management Training

A “loyal and hardworking” accounts payable clerk was accused of embezzling $1 million from the Archdiocese of New York. Although perceived as an outstanding employee, she had been stealing since she was hired.

Nobody did a background check when she was hired, authorities said, although it was on record that she had been convicted of grand larceny for stealing from a previous employer.

The clerk stole the money by sending the church false invoices, which she then paid by issuing 450 checks to bank accounts that she controlled. She was careful to issue herself checks in amounts less than $2,500, since checks written above that amount required supervisor approval.

It can happen at your company

Two-thirds of organizations experienced attempted or actual payments fraud in 2011, according to the Association for Financial Professionals’ 2012 AFP Payments Fraud and Control Survey.

“This number is staggering, and it is even more alar...(register to read more)

To read the rest of this article you must first register with your email address.

Email Address:

Leave a Comment