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

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.