Fraud Prevention for AP and AR

Fraud is an ever present threat for AP and AR practitioners. The pages in this section will help you take appropriate steps to prevent fraud - or, understand what to do if you think you are the victim.

Fraud Alert: IOFM Member Identifies Currency Conversion Scam

Converting foreign funds into U.S. dollars is a costly and time-consuming effort. So, if your AR contact says you can just pay in local currency, you might be tempted to jump at the offer.

But

IOFM Members rely on “Ask the Expert” whenever they’re stumped. IOFM's tax experts are standing by, ready to answer your 1099 compliance questions. And a panel of more than 100 AP practice leaders are also on call for your next best practice question.

Navigating Employee Appreciation: Gift Cards, Rewards, and Tax Implications

Q. We are interested to know what other companies do when giving gift cards as employee… Read More

Images of W-9s and voided checks

Q. Vendor Maintenance: when our plants are submitting documentation for a vendor set up in our ERP… Read More

Best practices for dealing with check fraud

Q. I'm looking for best practices and a detailed process for identifying, investigating and… Read More

How to Combat 2024 Payment Fraud Trends in 2025

by Debra R. Richardson - The articles “Why It’s Getting Harder to Not Pay a Fraudster” and “Payment Fraud Trends in 2024” delved into how the fraudsters are thwarting our fraud prevention… Read More

3 Payment Fraud Trends in 2024

by Debra R. Richardson - The landscape of payment fraud is continually evolving, and 2024 is no exception. From sophisticated ‘ishing scams targeting individuals through various digital means to… Read More

Why It’s Getting Harder to Not Pay a Fraudster

by Debra R. Richardson - Are there gaps in your vendor onboarding or maintenance process that are causing the creation of duplicate vendor entries? These duplicates not only pave the way for… Read More

Non-U.S. Vendor Setup Series Part 8

Watch Out for These Unique Risks When Onboarding Non-U.S. Vendors by Debra R. Richardson If your company is global, you may need to onboard vendors from different countries and regions. This can… Read More

Outsmarting Voice Clones

Question All Callers, Including Your Leadership - by Debra R. Richardson The Bloomberg article ‘I Need to Identify You’: How One Question Saved Ferrari From a Deepfake Scam (find link below)… Read More

Non-U.S. Vendor Setup Series Part 6

Confirming Remittance Changes Despite Language Barriers and Time Zone Differences by Debra R. Richardson When a U.S. vendor makes a change to its banking details for an electronic payment or a… Read More