According to the Association of Certified Fraud Examiners, businesses suffer an average of $155,000 every time an insider commits fraud. More disturbing: Billing schemes (perhaps the most common form of AP fraud in the financial industry) are by far the most common fraud schemes threatening organizations, making up nearly one-third of the total. Adding to the problem, check fraud is rising at a rate of 25% per year and criminals are coming up with new high-tech ways of hijacking corporate ACH (Automated Clearing House) accounts
In brief, Accounts Payable (AP) is the one business function that, in many organizations, is more vulnerable to fraud than any other. That is because all funds that flow out of the organization must first pass through AP. And over time, dishonest insiders and vendors have created newer and craftier methods of stealing from organizations by exploiting control weaknesses in the AP function.
Who is the best defense against fraud and loss at your Institution? Tellers on your frontline!
Tellers deal with checks every day; however, if they don’t deal with them in accordance with the “law of checks” – that is, the Articles 3 and 4 of the Uniform Commercial Code (UCC) - your institution could face unnecessary headaches and financial loss. Use this webinar to arm yourself and your staff with vital UCC information and examples.