Finance is likely all too familiar with business email compromise. But now, a variation of those scams – referred to as vendor email compromise (VEC) – is growing and putting your company money at risk.
Many employees are playing loose and fast with company spending rules during the coronavirus pandemic. In fact, your peers are seeing a staggering 206% increase in the T&E spend violations rate. That’s despite a 63.5% drop in T&E spending. So finds Oversight’s latest “Spend Insights” report. Yes, some of those spending violations can be chalked […]
Your finance team always has to keep an eye out for fraud and tax scams – especially those impersonating IRS and other trusted authorities.
Despite all the warnings your finance staff hears about email scams, it’s all too easy for them to forget those warnings during a busy workday.
Beware: Some less-than-honest folks have started faking a COVID-19 diagnosis … with costly consequences for their employers. For example, a manufacturing facility recently lost $175,000 in productivity after shutting down when an employee lied about testing positive for the coronavirus. This certainly isn’t the first type of scam to exploit the current pandemic. And it […]
No matter what’s going on in the world – even a global crisis – criminals won’t stop trying to infiltrate Finance and commit payment fraud.
A recent scam proves why it’s critical for your company to track products and purchases – especially essential ones – during these hectic times.
Your risk of falling victim to business email compromise is greater than ever. And it’s thanks to — you guessed it — the coronavirus. Business email compromise (BEC) has been one of the most formidable foes your finance department has faced in recent years. And scammers are jumping on the current crisis to worm their […]
To deter financial loss, CFOs have to keep a pulse on expense fraud. And one great way to do that is to hear right from the employees committing the crimes.