Vendor Fraud – How To Protect Against the Growing Threat

Date	Sep 19, 2018
Time	03:00 PM EDT
Cost	$10524.00
Online

This training on detecting and preventing vendor fraud will help the attendees to identify the different types of vendor-related fraud schemes and implement best practice anti-fraud control strategies.

Why Should You Attend:
Billing schemes are the most common type of external fraud schemes threatening most organizations.

Participants will learn how to identify varieties of vendor-related fraud schemes damaging organizations of all kinds, including small businesses and non-profits, and determine how shrewd fraudsters abuse the payment process to embezzle funds for years before being detected—and how to shorten the time before discovery.

Learning Objectives:
Participants will be able to:

• Conduct a quick and cost-effective fraud risk assessment for your payments/vendor operations
• Implement effective vendor/billing fraud detection techniques and build audit practices to detect red flags of common schemes.
• Implement best-practice anti-fraud control strategies for vendor fraud
• Advise management on fraud risk mitigation through transaction monitoring, technology/information technology tools and low-cost internal controls
• Recommend better anti-fraud management structure (Board of Directors/Executive Management, Line Management, Compliance, General Counsel, etc.)

Areas Covered in the Session:

• Introduction
  • Statistical overview of the fraud problem
  • Who commits vendor fraud
  • Lessons from fraudsters
• Common Types of Vendor Fraud Today
  • Billing fraud schemes
  • Shell company schemes
  • Vendor master file schemes
  • Double billing schemes
  • Internal manipulation of vendor master file
  • Internal perpetration of shell company/pass-through vendor schemes
  • Kickbacks/bribery
  • Conflicts of interest
• Red Flags of Vendor Fraud
  • Conducting a fraud risk assessment and recognizing the red flags of vendor and collusive fraud
  • The fraud risk mitigation cycle
  • Implementing an organization-wide system for detecting, preventing and investigating fraud
• Fraud Detection
  • How vendor frauds are most often detected
  • Additional general detection methods
  • Data mining/analytics for fraud detection
  • Examples of fraud audit techniques at work
• Anti-fraud Controls for Vendor Fraud
  • Internal controls and other fraud prevention measures
  • Who should manage anti-fraud activities for AP
  • Internal controls: Dos and Don’ts
  • General controls: Segregation of duties, delegation of authority, background investigation
  • Specific AP Operations-level controls for foiling vendor schemes.