Accounts payable fraud rate declining, yet still high

Every business needs to ensure that the potential for fraud is on its radar. If companies ignore the chance of misappropriation, they may soon discover that money is disappearing, and this is unsustainable for many organizations.

SharedServicesLink reported that according to the AFP 2013 Payments and Fraud Control Survey by Corcentric, accounts payable fraud is occurring at a lower rate overall in the United States. However, the same revenue but only 26 vendors. SharedServicesLink explained that this may because as enterprises accumulate more payment accounts, they aren’t necessarily growing their staff simultaneously.

Chris Marquet, CEO of Marquet International, told AOL Jobs that one reason that many firms are recently discovering embezzlements is that internal fraud likely spiked during the recession.

“We know that major embezzlements usually take five years to be found out, so many schemes that began at the beginning of the crisis are just beginning to pop up,” Marquet said.

Discovering unauthorized transactions before it’s too late is critical. Businesses may be able to protect themselves through the frequent use of accounts payable audits, which can verify the accuracy of an organization’s books, potentially uncovering any misdeeds.

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