The Southbourne Tax Group: Do you really know who you are paying?
shared by averymenzie on May 30
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From fake invoicing and pay-and-return schemes to personal purchases with corporate funds and payment fraud, fraud in the procurement-to-pay process is very common and extremely difficult to prevent a...
nd detect.
According to the 2016 Report to the Nations on Occupational Fraud and Abuse by the Association of Certified Fraud Examiners (ACFE), fraudulent disbursements are the most common form of asset misappropriation. Of all the types of fraudulent disbursement, billing schemes are the most common with an average of 22.2% of the cases and a median loss of £80,000 ($100,000).
The following real-life examples illustrate common scenarios of procurement fraud in small- and medium-size enterprises: the first case study is a real-life example of an electronic disbursement fraud while the second and the third relate to billing schemes.
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