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How easy it is a trust fraud could happen? A Case Study
14
May
20
How easy it is a trust fraud could happen? A Case Study
By: Admin
In today's world where data is stored digitally and payments are submitted online, all businesses need to protect against new types of fraud.
Outdated internal controls that rely on the trust of one or more individuals, either internal or external to a company, are often at the root of payments fraud and payments errors.
Payments fraud typically occurs at the point in which a business instructs its bank to make payments to suppliers and individuals. In Australia, a particular area of vulnerability stems from the fact that banks do not match payee names to account names. Although it may look like you are paying an intended supplier by their name, unless you check the account number and BSB every time you make a payment, a fraud or error could occur. Unfortunately, criminals take advantage of this vulnerability every day.
Preventive Measure. Way to prevent a fraud
- Assigned access level to users accordingly
- generate a summary report of all essential changes during the period and review all changes especially payment bank details input or modification
- The bank transfer file that is uploaded into the online banking site is an .aba file and can easily be edited and manipulated. An ABA file should be downloaded and locked prior to the review of the Information Audit Report.
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