Just like bananas, business fraud can come in all sorts of shapes and sizes.
It can be from an anonymous source pretending to be one of your suppliers or from a trusted contractor whom you have dealt with for a long time.
But just like a banana, there is always a curve and things might not always be as ‘straight’ forward once you peel back the skin.
A good example of this is currently underway in the NZ courts. A large Auckland-based construction company has uncovered fraudulent transactions from a contractor who was billing for work for ‘Ghost contractors’ that did not exist AND inflating the hours it took to do other work.
The company was made aware, from an anonymous email informing them of what had been conspiring under their noses.
Now my question is? Does this mean that at this point in time, the construction company did not have any idea of what had been happening?
Based on the information here https://www.linkedin.com/posts/william-fotherby-b5a70395_safari-construction-v-concept-builders-queenstown-activity-7115425356777472001-Z6uU?utm_source=share&utm_medium=member_desktop
It would seem that way.
So as a company or organisation, how do you protect yourself from this type of fraudulent activity?
A while ago, Sam MacGeorge asked the same question after experiencing fraud himself. Today he leads our financial cybercrime fighting team at VigilantPay and they have never been busier. Payment fraud has become a significant problem and boards are approving increasing spending on payment analysis solutions like Vigilantpay.
The solution is elegantly simple VigilantPay.