Accounts Payable Fraud - Detecting and Preventing AP Fraud

01:00 PM ET | 10:00 AM PT | 12:00 PM CT Duration 90 Minutes

This will be a very comprehensive discussion regarding AML and the interpretation of model validation

"Hear From Craig Taggart has almost a decade of experience in the fields of Mergers & Acquisitions and Business Financing . He has been an expert GRC speaker, consultant"

Criminals are coming up with new high-tech ways of hijacking


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 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 this session, participants will learn how to identify the different varieties of AP-related fraud schemes damaging organizations of all kinds, including small businesses and non-profits. You will learn to determine how shrewd fraudsters abuse the AP process to embezzle funds for years before being detected and how to shorten the time before discovery. This training will enable you to quickly recognize the red flags of AP fraud in your operations and financial records and will assist in providing cost-effective anti-fraud controls to protect against the growing army of fraudsters both inside and outside your organizations.

Why Should You Attend:

Financial institution retail centers and call centers often face handling consumer disputes of ACH debits on their account; many situations aren’t covered in the ACH Rules book guidelines nor is there any clear direction from other resources.

This webinar will focus on the most common disputes, provide attendees with a basic understanding of what is required to maintain compliance, as well as discuss tips on handling these issues. The course will conclude with some real life scenarios where attendees try their hand at solving the issue, while balancing compliance obligations with customer service.

Areas Covered

•         Statistical overview of the fraud problem
•         Who commits fraud
•         Why employees commit fraud (The Fraud Triangle)
•         Lessons from fraudsters
            •       Vendor/billing fraud schemes
            •       Check fraud and tampering
            •       ACH fraud
            •       Fraudulent AP financial reporting
            •       Kickbacks/bribery
            •       Conflicts of interest
            •       P-Card fraud
            •       Conducting a Fraud Risk Assessment and Recognizing the Red Flags of Internal Fraud
            •       The Fraud Risk Mitigation Cycle
            •       Implementing an organization-wide system for detecting, preventing and investigating fraud
            •       How Frauds Are Most Often Detected
            •       Additional General Detection Methods
            •       Data Mining/Analytics for fraud detection
            •       Examples of Fraud Audit Techniques at Work
            •       Internal Controls and Other Fraud Prevention Measures:
            •       Who Should Manage Anti Fraud Activities for AP
            •       Internal Controls: Do's and Don'ts
            •       General controls: Segregation of Duties, Delegation of Authority, Background Investigation
            •       Specific AP Operations-Level Controls.

Learning objectives: 

Participants will learn: 
•         How to Conduct a quick and cost-effective Fraud Risk Assessment for client AP operations.
•         Implement effective AP fraud detection techniques and build audit practices to detect red flags of AP fraud.
•         Implement best-practice Anti-Fraud Control strategies for AP.
•        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.)


Who will Benefit

•         Internal and external audit professionals
•         Accounting and audit practitioners
•         AP managers
•         Senior financial management seeking to reduce their vulnerability to costly frauds
•         Procurement and payables specialists
•         Compliance and ethics managers
•         CFO's/senior financial managers
•         Security personnel

Industries who can attend

This 90-minute online course is intended for professionals in the Banking and Finance Industry.

Speaker Profile

Craig Taggart

Craig Taggart has almost a decade of experience in the fields of Mergers & Acquisitions and Business Financing. He has been an expert GRC speaker, consultant, and instructor for over 4 years. Craig has spoken on a very broad range of topics in both seminar and webinar formats. He has been happy to grow his business practice and benefit many professionals around the country.He brings many valuable skills from the finance world into commercial real estate. Craig works with each client at the highest level to achieve the highest value for their business. His experience in the M&A Industry has greatly contributed to his understanding of transaction structure, strategic placement of buyers, and the attainment of maximum market value for his clients. He has represented and sold many businesses in a number of different industries and has significant experience working with companies in: real estate, clean energy, and healthcare. Craig is currently working with institutional investors, family offices and their investment criteria for large commercial real estate development opportunities around the country with the following asset classes: hospitality, office, industrial, retail, multi-family, land, healthcare & non-performing notes. As an associate, Craig will work to help his clients receive the greatest return on investment.

Craig is a Certified Merger & Acquisition Advisor, Accredited Valuation Analyst as well as an active member of Alliance of Mergers and Acquisition, and The National Association of Certified Valuators and Analysts (NACVA).


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