Inside Job, Outside Job! Low Tech Fraud in a High Tech World - (Embezzlement, ECheck Fraud & Holder-In-Due-Course)

Learning Objectives

• To identify the “red flags” of embezzlement schemes, including their commonalities and differences, along with specific practices and protocols to prevent them.
• To distinct between industries, company sizes, methodologies, etc. while applying practices and protocols to prevent embezzlements.
• To outline the vulnerabilities of e-Checks and other forms of check fraud.
• To identify Holder In Due Course rules and how those rules impact their liability for check fraud.
• To examine real-life fraud situations, including what went wrong and how the losses could have been prevented.

Course Description

With management focused on BEC scams and other high tech ploys, organizations forget that major losses are created by “low tech” embezzlement schemes, which often go undetected for years. Some companies have gone out of business due to these losses, while others have had layoffs and salary freezes. Victims include the organization’s employees, suppliers, vendors, and families.

Every year, embezzlement causes more losses than the “blockbuster” year before, despite the fact that embezzlement is almost entirely preventable. Different industries and sizes of business experience different types of embezzlement schemes; however, there are many commonalities and “red flags” that are found amongst all organizations. 

This webinar provides an understanding of how:

• Attitudes of upper management have a significant impact on the prevalence of embezzlement.
• Check fraud schemes are some of the most prevalent methods of embezzlement.
• eChecks are a relatively new payment method and was attacked by fraudsters almost upon its launch. 
• How eChecks work and their vulnerabilities along with their connection to Holder In Due Course and UCC rules.
• “Old-school” check fraud - the primary form of payment fraud attempts used by fraudsters. It produces more losses than any other form of payment fraud.

This webinar provides guidelines about how CPAs, EAs, Accountants, and Other Accounting, Tax, and Finance professional can support the control requirements of their clients to prevent embezzlement. The webinar cab be a useful addition to the advisory services that such professionals provide.

Overview

• Profit of an Embezzler

  4 mins
• Company sued the bank. who won the Lawsuit?

  14 mins
• Controls to Prevent Fraud

  23 mins
• Holder in Due Course

  34 mins
• Controlled check Stock

  42 mins