Companies accept a variety of forms of payment from customers, and sometimes these payment methods are illegitimate. When a customer uses an illegitimate form of payment, it might never receive the cash it is due. What types of policies, procedures, and controls could a company put in place to mitigate the risk of payment fraud by its customers?
Answer to relevant QuestionsWhat are some analytical tests that can be performed to detect fraudulent activity by vendors, and what are some ways to prevent vendor fraud from occurring in the first place? What can an effective fraud risk assessment help management to accomplish? How is fraud risk influenced by a company’s internal controls? How is fraud risk influenced by a company’s ethics, values, and expectations? Who are some of the professionals that should be included on a typical fraud examination team? How can computers and technology help in investigating a fraud? What kinds of challenges can the involvement of technology present to a case?
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