Trust, but verify. When it comes to how you handle vendor fraud, these are watchwords to live by.
Vendor fraud spans a broad range of abuse types, from fraudsters who create fictitious companies and submit bills to you for payment, to trusted suppliers who pad invoices and charge you more than is actually due. Some vendors may even collude with your own employees to help them navigate through your company’s internal controls.
By any definition, the negative impact of unchecked vendor fraud can be staggering.
Vendor fraud is rampant in accounts payable because that’s where the money is. And according to the Association of Certified Fraud Examiners, U.S. organizations alone lose approximately $65 billion annually to fraud – or an estimated 5% of their revenues.
APEX can help you forestall fraudulent activity and safeguard your disbursements in a variety of sophisticated ways. We’ll help you mitigate losses resulting from vendor masking, or companies who try to hid their true identity. We’ll help you deter and detect the proverbial “inside job” through improved internal controls. Or we can help you find ways to stop criminals who are trying to “fly below the radar” by blending fraudulent charges in with legitimate invoices or payments, and even help you avert organized crime billing schemes that could defraud your company.
Bottom line: APEX has the tools and technologies and know-how to help you build and maintain trust with your employees, vendors and partners.