Without leveraging accounts payable audit solutions, it can be difficult for businesses to recognize when fraud is taking place. As one of the purposes of these solutions is to determine when funds are being misappropriated, it's important for companies to be preemptive about their monetary protection. When a business itself, however, makes its money through embezzlement, it's even more challenging for the fraudulent activities to be discovered.
According to IOL News, an organization operating out of a hotel in Cape Town, South Africa, was accused of embezzling money from several individuals worldwide. The source noted that two men, Oluwaseye Ajibola Ogmechi and Pius Okunbor, used a complicated setup involving multiple account hacks, three laptops and nine cell phones. The hotel room was searched by a peace officer after another hotel guest complained about the smell of marijuana coming from the room.
Initially, the men were arrested for possession. After an investigation ensued, the fraud was discovered. The embezzlement was inevitably shut down and a 419 scam was discovered, which indicates that the men were tricking unsuspecting victims into believing that they were engaging in lawful transactions. Had the individuals known to protect themselves with AP audit solutions, the instance could have been avoided.
In another article by the source, a lone woman is being charged as the perpetrator in an unrelated crime in the same city. Myona Creighton was accused of assisting with fraud and participating in money laundering. The source noted that Creighton, who worked for the Raya Hotel Group, used her position to fraudulently make checks payable to different parties. By destroying the returned payment schedules from the bank, the accused was able to prevent the discovery of her activities until she was finally caught.
In order for businesses to prepare for these unexpected attacks, decision-makers should consider how AP audit solutions can be integrated within their accounts payable operations.