ProcureSure

🛑 Allegations of #embezzlement over a 5 year period involving millions of dollars. 🚔 A second man has been arrested as part of an ongoing investigation into suspected fraudulent activity at Geelong organisation genU. The matter was first reported to police in February 2023 after unusual activity relating to accounts being wrongfully charged to the organisation were discovered. 💸 Do you suspect your business has been (or is) haemorrhaging money to #employeefraud? Don't suffer the ignominy of further time and cost with drawn out investigations and prosecutions - get in touch and we'll show you how ProcureSure monitors suppliers and payments for early identification and prevention. #accountspayable #accountsreceivable #procurementfraud #procurement #vendorrisk #vendorfraud #supplierrisk #supplierfraud #expensefraud #expensemanagement #invoicefraud #invoicemanagement #financialcontrol #corruption #collusion #paymentfraud #charities #notforprofit #disability #agedcare #ndis

🎓 A former go-to silk for ASIC faces up to 10 years jail for allegedly stealing $1.3m by fraudulently billing out legal costs and providing false invoices dating back to 2016 and 2017. 🚨 False hours, false invoices and inflated billing are on the increase and exceedingly difficult for many businesses to identify and detect. Don't let this scourge impact your bottom line - get in touch if you've got that gnawing feeling about something not being right with your expenses. (NB - paywall may be present) #accountspayable #accountsreceivable #procurementfraud #procurement #vendorrisk #vendorfraud #supplierrisk #supplierfraud #expensefraud #expensemanagement #invoicefraud #employeefraud #invoicemanagement #financialcontrol

Another 'Trusted Insider' allegedly using their role at a #charity to steal $558,000 to fund shopping, fashion and international holidays. Between May 2011 and March 2022, the Principal Executive Officer of the Prahran Community Learning Centre allegedly #embezzled charity monies via rechargeable “load and go” cards, created false invoices, stole cash and misused $141,000 via a charity debit card to splurge on shopping, gala shows and luxury overseas holidays. Unfortunately, funds intended to feed the #homeless and support needy students appear to have been redirected to fund this largesse. Don't let your business suffer this type of loss and abuse. #accountspayable #accountsreceivable #fraud #embezzlement #collusion #corruption #employeefraud #internalfraud #payrollfraud #paymentfraud #cfo #financialcontrol #charities #notforprofit #invoicefraud #invoicerisk #supplierrisk #supplierfraud #insiderrisk #insiderthreat #insiderfraud #notforprofit

👩⚖️ Prosecutor's opening address of a South Australian MP alleged to have stolen money from not-for-profit organisations to fund home renovations and personal debt over 10 years ago outlines how a 'Trusted Insider' may go unnoticed for many years. 👀 Ms Litster said, "The view people held of him from the outside looking in, was one of the factors his #fraud went on unnoticed for quite some time. He was well-liked and trusted in his professional and social circle, and his charismatic and persuasive personality and the organisation's visible success meant there was no cause or interest to scrutinise the invoices he issued." 🎓 Charisma, persuasion and personality are great employee traits but no reason to avoid monitoring your business financials for payment integrity. Get in touch if you'd like to learn more! #accountspayable #accountsreceivable #invoicefraud #supplierfraud #employeefraud #internalfraud #insiderrisk #insiderthreat #embezzlement #collusion #corruption #paymentfraud #kickbacks #accountingfraud #cfo #payrollfraud #insiderfraud #controlmonitoring #transactionmonitoring

🌐 Even the largest global corporations are not immune to 'compliance violations' such as #embezzlement, #kickbacks and #corruption. 📢 #Whistleblowers recently alleged that a senior executive in Greater China who manages adidas’ marketing budget had embezzled millions of euros and taken huge kickbacks from external advertising and celebrity agencies, and that one of the manager’s subordinates had received “millions … from suppliers and physical items such as real estate". 🔓 Whilst #cybersecurity and #informationsecurity continue to be a priority, businesses need to be ever-vigilant to #insiderrisk. #collusion #insiderthreat #internalfraud #employeefraud #internalcontrols #internalaudit #paymentfraud #supplierfraud #invoicefraud #cfo #financialcontrol

The Australian Small Business and Family Enterprise Ombudsman has provided a timely release encouraging small businesses to adopt #eInvoicing as a more secure and faster way of getting paid. eInvoicing, also known as electronic invoicing, allows a business to digitally exchange invoices through a secure network using existing business software, making it easier and safer to send and receive invoices digitally with other businesses such as suppliers, contractors or government. The process is entirely digital and eInvoices are not PDF invoices that need to be printed, posted or emailed. Small businesses have been particularly vulnerable to invoice substitution #scams – also known as payment redirection scams or #businessemailcompromise - where nefarious cyber criminals get into their computer system and intercept emails to customers and insert different bank account details for payments. #eInvoicing is great step toward securing payments from external compromise and recommended to complement a range of monitoring controls to prevent #fraud. #accountspayable #accountsreceivable #bec #embezzlement #paymentredirection #supplierfraud #supplierrisk #invoicefraud #invoicerisk #invoiceprocessing #bookkeeper #cfo #financialcontrol #accounting #fraudprevention #paymentfraud #scamawareness #businessfraud #corporatefraud

📣 "If you think something is not right, then you need to take the necessary steps to be assured that your practices are safe, and that you are not being defrauded," - Superintendent Kevin Goan. ➡ The above message was from the Queensland Police Service following a year-long investigation into a small business that suffered $2.5 million in losses to a sophisticated #fraud scheme committed by a 'Trusted Insider' over a 6 year period from 2017 - 2023. 🛑 Police have charged a woman, who they believe was acting alone, with more than 120 offences, including over 90 counts of #stealing, 13 counts of computer hacking and misuse, and several counts of #fraud and stealing as a director or officer of a company. Police alleged the crimes involved "a significant amount of deceit" with the woman "using her position to take several measures, including redirecting funds and altering business documents, including falsifying elements of #payroll, to commit the offences," police said. 🔔 There are a number of key takeaways for many businesses: ❗ #employeefraud can start anytime & will most likely remain active until discovered ❗ Identification & detection of #embezzlement schemes can be costly & lengthy ❗ Police investigations will be even longer ❗ All financial channels require monitoring - expenses, invoices, suppliers, payroll, etc ❗Don't wait to take steps to protect your business Get in touch if you'd like to learn more about how ProcureSure can help prevent these schemes before they cause catastrophic damage. #accountspayable #accountsreceivable #invoicefraud #supplierfraud #invoicerisk #supplierrisk #internalfraud #embezzle #corruption #collusion #paymentfraud #payrollfraud #cfo #financialcontrol #fraudprevention #expensemanagement #expensefraud #claimsfraud #internalcontrol #internalaudit

Another rogue 'Trusted Insider' takes advantage over a 9 year period to #defraud almost $2.5 million from an Illawarra roofing business. Last week, Detectives from the NSW Police Force charged a 47-year old woman with an additional 99 #fraud and #embezzlement offences covering the period from May 2015 - Feb 2024. Following further investigation, the additional charges were added to nine (9) charges made in April which then totalled approx. $115k. Businesses are already under pressure in a challenging economic climate without needing to suffer the additional challenge of losses associated #insiderrisk. Get in touch if you'd like to learn how ProcureSure can protect your business from this growing threat! #accountspayable #accountsreceivable #embezzle #employeefraud #internalfraud #cfo #constructionindustry #financialcontroller #invoicerisk #invoiceprocessing #payrollfraud #payrollprocessing #collusion #supplierfraud #supplierrisk #corruption #insiderthreat #trustedinsider #paymentfraud #employeetheft

An Australian Senate committee heard some startling revelations about the $40 billion National Disability Insurance Agency #ndis scheme last week: 🚩 Internal analysis showed 90% of plan managers that wrangle funding for up to 100 participants (about 900 of 1540 managers in total) portrayed “significant indicators of fraud”; 🚩 87% of service providers (over 150k providers) are unregistered with the NDIS having no idea of knowing what they do when they put in their invoices; 🚩 5 per cent, or $2 billion a year, was being spent in error; 🚩 up to 20% of the scheme is being misused, ie. #fraud and 🚩 there was “not sufficient judiciary [capacity] to process the cases [currently] in the pipeline in the country”. Who's monitoring your business expenditure for these red flags 🚩: ➡ Unregistered supplier spend? ➡ Errors or mistaken payments? ➡ Budget overruns? ➡ Inflated payments (collusion / corruption)? ➡. Employee theft? ➡ Policy breaches? (NB - paywall may be present) #accountspayable #accountsreceivable #embezzlement #employeefraud #internalfraud #insiderrisk #insiderthreat #paymentfraud #supplierfraud #supplierrisk #invoiceprocessing #invoicemanagement #bookkeeping #accounting #cfo #financialcontrol #corruption #collusion

An interesting case involving #fraud #embezzlement and #bribery by a ‘Trusted Insider’ at a Queensland council is currently playing out in the Townsville District Court.  💳 The case involves the former Deputy CEO and Director of Finance at the Palm Island Aboriginal Shire Council and allegations from 2011 - 2019 that he misused a council credit card to rack up personal expenses including speeding fines, laptops for family members, iPhones for friends and international parcel postage. 🤔 What makes this interesting is that the former Deputy CEO was responsible for ensuring all corporate credit cards were being appropriately used by council staff.  However, the Defence have been relying on the council not having officially adopted any credit card policy and all of the incurred expenses being approved by the CEO at the time - the CEO would sign-off on the credit card’s monthly expenses but did not look into individual payments made 😬. Can it really be #fraud if the CEO approved the expenses each month for 8 years?  Whilst a large number of businesses have a corporate card policy in place, they all follow the same process - monthly expense reports approved by a line manager.  The more reports that a manager has to review, the higher the risk that transactions will slip through the cracks until the business’s aggregated expense numbers start to affect the bottom line. 🚩 🚩 Unfortunately, reviewing 8 years of transactions across multiple expense lines can be quite complex, expensive and prohibitive without the right capabilities.  ProcureSure consumes transactional data from every financial channel, including corporate cards, to identify unusual behaviour and activity as it occurs. Get in touch if you'd like to learn more! (NB - paywall) #accountspayable #accountsreceivable #internalfraud #employeefraud #localgovernment #council #cfo #financialcontrol #corruption #paymentfraud #fraudprevention #expensemanagement #expensefraud #claimsfraud