Reducing Corporate Identity Theft

By Chrissie A. Powers, CPA/CFF, CFE, CVA

Are you worried that your company could be the next victim of corporate identity theft via payments fraud? Fraudsters use a number of approaches to adopt the identities of legitimate businesses, and checks are the number one method used today. Here are some simple steps that can be taken to reduce your chances of being a victim.

1. Use electronic bill pay or ACH debit to conduct payments.
2. If paying by check, be sure to place mail in a locked US postal box so that no one other than a postal employee can gain access to the outgoing mail.
3. Begin using positive or negative pay to monitor the checks that are pending to clear your account.
4. Keep all check stock and signature stamps securely locked at all times.
5. Limit access to company account numbers whenever possible.
6. Set up a separate account that is used only to refund payments to customers and maintain a minimal balance.

Most company owners believe that they will never be a victim of fraud and don't put the proper deterrence measures in place. Wake up! It can happen to any company any where. Don't be the next victim.

If your client's organization suspects fraud, Powers Forensic Accounting, LLC can investigate the allegations. If you have additional questions or concerns regarding fraud, don't hesitate to contact us at 614-745-5192.