Are your finance teams doing the basics to prevent fraud risk within spending?

Do you have a counter fraud goal?

Keep it simple…

Make your verification approach consistent before making payment.

From an insider threat perspective…

The simplest fraud is to

• create a fictitious requirement
• to enable the diversion of these funds 
• through the change of bank account details, or
• to a ghost company registered on your procurement system.

Simple steps that you should take to address and measure risk in this area.

1. introducing a verification approach, of
2. goods, works or services completion

To take a consistent counter fraud approach

Use 3 simple steps

1. don’t accept a lump sum invoice
2. ensure there is a breakdown of goods, services or works within the invoice
3. use an onsite/offsite team that can verify the goods, services or works were provided

Take a consistent approach in the use of data analysis.

• introducing data analytics in large data sets
• introduce daily, weekly or monthly analysis of payment data

You then have the opportunity to identify fraud much earlier.

The process can be done in small data sets and expeditiously,

looking for common fraud methodologies

Examples might include…

1. payment of more that one supplier into the same account 
2. irregularities in change of bank account information 
3. regular round sums from the same supplier for different goods, works or services 
4. payments just below financial thresholds.

There are many data sets that you can use to help detect fraud in payment systems.

Use this approach for greater detection, that will

• drive your prevention approach
• better measure the levels of false or inflated invoices, and
• measure the revenue protected

How are you analysing your payment data?