- Elaborate internal fraud
- Hundreds of thousands of dollars lost
- Organisation thought they had robust processes
- VigilantPay selected to address weaknesses
In 2018, this company recognised the need for a more robust solution in their accounts payable functions, after weaknesses were exposed from an elaborate internal fraud. Perpetrated by an employee that took place over some time involving hundreds of thousands of dollars, this Port adopted VigilantPay with great success.
This strategic move aimed to ensure that payments were not only efficient but also safeguarded against day-to-day transactional errors and any future fraudulent actors.
By embracing VigilantPay, this client demonstrated a commitment to technological innovation that can be tailored to their complex operations. This not only streamlined their payment processes but also fortified their internal control mechanisms, reflecting a proactive stance in safeguarding financial integrity.
Their Head of Finance underscores the significance of such innovations in enhancing the port’s financial resilience, efficiency, and importantly their brand. “We need to be innovative about what technologies we leverage to get the best efficiencies.
An elaborate internal fraud exposed weaknesses in what this organisation believed were robust processes and procedures. Perpetrated by an employee, the fraud involved hundreds of thousands of dollars and took place over some time.
Association of Certified Fraud Examiners has this to say. Occupational fraud is one of the most costly and common forms of financial crime. The term 'occupational fraud' refers to fraud committed by individuals against the organisation. Occupational Fraud typically lasts 12-18 months, and the median cost of a fraud case in the transportation and warehousing industry is $250,000.
Following the fraud discovery, the company made the strategic decision to ensure that payments were safeguarded against any future fraudulent actors, that they were protected from day-to-day transactional errors and that payment processes were efficient.
The Port company searched for a leading anti-fraud solution to provide the protection they needed in their accounts payable function. After a robust process, they selected VigilantPay, successfully implementing it across their complex operations in a short time frame.
Embracing VigilantPay, this client streamlined their payment processes and fortified their internal control mechanisms, reflecting a proactive stance in safeguarding their financial integrity.
Their Head of Finance closing comments underscore the Port’s goals of enhancing its financial process resilience, efficiency, and, importantly, its brand through innovative use of technology. “We need to be innovative about what technologies we leverage to get the best efficiencies.”
Since adopting VigilantPay, no fraud has been perpetrated at the organisation.
