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Document Your Vendor Approval Process to Avoid Fraud

Document Your Vendor Approval Process to Avoid Fraud

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March 2019

The title sounds so simple.

While other types of business fraud may capture the headlines, you might be surprised to learn that disbursement fraud schemes are one of the most by most common. The good news is that you can take just a few steps to mitigate losses.

The first step is to gain better control of the vendors to whom disbursements can be made. For example, does your business have a vendor approval process in place, or can checks be issued to anyone? If the vendor isn’t legitimate, why would you pay them?

Let’s examine a few basics associated with good vendor internal controls.

View the full article here.