Bank sweeps detect fraud
January 24, 2019A “bank sweep” is a process where you check with financial institutions to make sure no bank accounts exist for your organization that you aren’t aware of.
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Cybersecurity frauds are targeting direct deposit payroll at local governments
November 16, 2018Local governments should ensure they protect against cybersecurity frauds in which an employee’s direct deposit payroll gets redirected to a fraudster’s bank account.
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Know what to look for to prevent disbursement fraud
October 9, 2018Fraudulent disbursements are the most common form of asset misappropriation. This type of disbursement occurs when an employee uses their position to make payment for an inappropriate purpose. They are on-book fraud schemes, which means that money in the form of checks leaves the entity fraudulently, but is recorded on the books and leaves an audit trail. In this way, entities can become victims of fraud, even when no cash is involved.
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Ensure your bank deposit slips are detailed
August 6, 2018We have learned that not all banking institutions are providing a detailed breakout of cash and checks on bank validated deposit slips. If your banking records do not contain the detailed cash/check composition of your deposit, you will want to take corrective action as soon as possible.
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Know what to look for to prevent cash receipting fraud
April 2, 2018While cash transactions might be less frequent than those involving credit or debit cards, or have individual low dollar values, over time small daily losses can add up. According to the Association of Certified Fraud Examiners’ (ACFE) 2016 Report to the Nations, the average median loss when cash was misappropriated ranged from $25,000 to $90,000.
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Positive Pay can help protect your organization from check fraud
June 30, 2017Check fraud is a common financial crime here in Washington and nationwide. According to the American Bankers Association, check fraud accounted for 32 percent of the banking industry’s losses in 2015.
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“Vishing” can pose a threat
September 14, 2016“Vishing” uses techniques that are essentially similar to phishing, the act of acquiring sensitive information via electronic communication while posing as a trusted entity. A vishing attack takes place over the telephone, using call spoofing, and tricks a user into disclosing personal information such as credit card numbers or a three digit security code.
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Taking a swipe at credit card fraud
September 9, 2016Credit and procurement cards are easy to use, convenient and efficient. As a result, government use of these cards has increased exponentially over the last decade. Unfortunately, there can be a dark side to using cards: they often bypass standard, established payment controls. The combination of high card usage and weak controls is an environment ripe for fraud.
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A manager hired to help developmentally disabled people misappropriates more than $58,000
August 22, 2016(Audit report published Aug. 11) The Department of Social and Health Services (DSHS) oversees supported living agencies, which provide services to individuals with developmental disabilities. A house manager runs the daily operations of the supported living home such as purchasing food, completing payroll, and paying bills.
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