August 2024: Avoiding Payment Fraud

In the newly released IOFM 2024 Benchmarking Reports, we discovered a disturbing new trend — more than half of survey respondents reported their organizations had been targets of fraud during the past year. This represents a significant increase from 2023. In this month’s Insider, we explore how the fraud landscape is evolving and what you can do to prevent being scammed.

This Month’s Quick Take: Fraud Vulnerabilities

In their 2024 AFP® Payments Fraud and Control Survey Report, the Association for Financial Professionals reports that paper checks continue to be the most common target for fraudsters, with a substantial uptick from the previous year. In many cases, the problem occurred through mail interception while the checks were still in possession of the U.S. Postal Service. Although mail tampering is a federal crime, this is a popular method because paper checks sent through regular mail are not trackable.

Benchmarking Reports: How Do You Measure Up?

IOFM's 2024 AP Benchmarking Reports are now available for IOFM Members! Discover the wide range of this year’s survey participants, dive into performance metrics, and explore the latest tactics organizations are using to outsmart fraudsters. With tech advancements transforming finance operations, you'll learn how automation not only boosts efficiency but also acts as your first line of defense against fraud.

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Tips for Detecting Fraud

While paper checks are vulnerable to fraudsters, there are also plenty of opportunities to scam companies through the use of technology. Yet in the hustle and bustle of day-to-day operations, a convincing attempt can be overlooked. We offer some tips to help spot it.

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Staying Alert

One municipal government in a growing Canadian city is meeting the threat of potential fraud head-on through training provided by both their IT security team and the federal government. The AP administrator explains that information sharing is key for fraud prevention.

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ON-DEMAND WEBINAR: Accounts Payable: Navigating Fraud Risks

Join IOFM on August 12th for a webinar designed to equip finance professionals with essential tools and insights to help safeguard your organization. Whether you are a financial officer, accounts payable specialist, or auditor, this live webinar will help you minimize risks and enhance your defenses against AP fraud. Don’t miss out!

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AI and Fraudsters

There’s a lot of buzz about artificial intelligence and the benefits it can bring to business operations, including finance. But fraudsters have access to it, too, and AI fraud prevention takes a combination of cybersecurity awareness training combined with technology.

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MEMBER WEBINAR: Understanding Form 1099-K

In recent years, there have been changes in IRS and state reporting thresholds and requirements, impacting businesses' obligations to issue Form 1099-K to their payees. Join IOFM and Cokala on August 22nd for this Live Compliance Webinar to stay informed about these critical regulatory updates and ensure that you understand and meet your tax reporting obligations to maintain compliance.

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