Attack the Terrifying Surge in Fraud with Insights from AP Now

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Fraud facilitated by technology has reached epic proportions in the last few years. It causes undue heartache not only to the companies stung by the frauds but also the employees who unwittingly fall for the scams. In the last few years, the thieves have narrowed their focus to the professionals working in the accounts payable departments. This should not be a huge surprise given that is usually where the money is handled. AP Now created Fraud Prevention in Accounts Payable Week to disseminate needed information to help companies prevent these frauds.

“I am both astonished and horrified,” says Mary Schaeffer, AP Now’s Founder and host of the AP Now podcast, “at the speed at which new frauds are developing and the innovativeness on the part of those perpetrating these frauds. Sharing these resources is our way of helping fight this scourge.”

Responding to the horrific rise in all types of frauds facilitated by technology, AP Now determined to focus one-week (October 7-11, 2019) on this all-important issue. During Fraud Prevention in Accounts Payable Week (which is also AP Appreciation Week) AP Now will share free informational resources with the business community. This is to help them fight this pervasive problem, which is now reaching crisis level. Fraud does not discriminate. What’s more, fraud prevention is a team effort.

The hallmark of the week is a free one-hour webinar on Thursday entitled How to Recognize New Frauds in Accounts Payable.

Each day, participants receive an email with a link to a downloadable resource. Thursday’s resource is the webinar, which will also be made available for Anytime Viewing for those who cannot make the webinar or who wish to see it a second time. To participate and receive the resources, email publisher(at)ap-now(dot)com with the words “Fraud Week” in the subject line.

There is no charge for participating as the costs are being picked up by the sponsors: AP Now, Stampli, Professional Development Group and AP Association (headquartered in the UK).

The resources are as follows:

  • Monday: Play Payables Anatomy using the Fraud Prevention checklist provided
  • Tuesday: Join us for Payables Investigators where we'll share an article loaded with tips on how to prevent fraud.
  • Wednesday: Test your Fraud Prevention knowledge by playing Payables Fire using the fraud quiz provided.
  • Thursday: Join us live for This is Payables where everyone is welcome to attend a new webinar, How to Recognize New Frauds in Accounts Payable. Those who can't make the live presentation will be provided with a link that will be good until the end of the month.
  • Friday: Play Game of Payables with us as we share a puzzle with a Fraud Prevention Twist.

“I am both astonished and horrified,” says Mary Schaeffer, AP Now’s Founder and host of the AP Now podcast, “at the speed at which new frauds are developing and the innovativeness on the part of those perpetrating these frauds.” The cost is both financial and emotional. The companies lose money and the employees who are tricked are devastated that they fell for the fraud. In a few cases they have lost their jobs.

There is a silver bullet when it comes to stopping these crooks from being successful, says Schaeffer. It is simply educating everyone within the organization. This, of course, is easier said than done, given the proliferation of new frauds. Fraud Prevention Week in AP is our attempt to spread that information. That’s why it is suggested than not only do accounts payable professionals participate, but accountants, auditors, controllers, CFOs, and anyone else impacted do so as well.

For additional information about Fraud Prevention in AP week, visit https://www.ap-now.com/public/AP-Appreciation-Week-2019.cfm.

Mary Schaeffer
marys(at)ap-now(dot)com
302 836 0540

http://www.ap-now.com
https://twitter.com/accountspayable
Visit AP Now’s YouTube channel: https://www.youtube.com/channel/UC1_51mIdja4KL9cSOdfmFbA

About the AP Now
AP Now is a B2B niche media firm focused on creating the most-current, best-practice business intelligence around the accounts payable function. The accounts payable function represents a critical component of any accounting and finance operation as it is directly responsible for the outflow of cash. For additional information about AP Now’s free and paid memberships, go to http://www.ap-now.com.

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MARY SCHAEFFER
AP Now
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