The Association of Certified Fraud Examiners (ACFE) reports that 90% of all fraud involves asset misappropriation. Within that category, 85% involved the theft or misuse of cash, including paper and electronic forms as well as actual currency and coins. It is the number one asset at risk in any business (as opposed to non-cash assets such as inventory or equipment).
The most common ways middle-market businesses are victimized is through check-tampering, expense reimbursement, cash larceny, payroll and skimming receipts. As laser printers and blank check stocks have become easily available, almost anyone can alter or counterfeit checks – and due to changes in the Uniform Commercial Code (UCC) in the 1990s, banks may not be liable when check fraud occurs. Under the UCC standards of “ordinary care,” banks are considered less liable if the customer does not take necessary precautions to prevent the fraud.
What steps can you take to protect your company against check fraud losses?
For the short answer, take a look at the brief presentation below.
If you would like to learn more about how to prevent fraud, contact Cindy McSwain below.
Senior Vice President
Cindy McSwain leads AGH’s outsourcing services group. Her team provides payroll, accounting, funds disbursement, controller, and other financial outsourcing services to numerous clients throughout the U.S. Prior to directing the outsourcing group, Cindy served AGH’s audit clients for 10 years, working with a wide range of middle-market, closely held and family-owned clients.
Her current clients cross many industry sectors, including manufacturing, distribution, restaurants, retailers, medical, and not-for-profit. She has participated in numerous SEC filings and public registrations and has experience in mergers and acquisitions. Cindy is a certified public accountant and a member of both the American Institute of Certified Public Accountants and the Kansas Society of Certified Public Accountants.