Check fraud is among the most common ways employees misappropriate company funds. If leaders don't make images the bank sent upon deposit.
The news provider added that Seabolt faces up to 20 years in prison, as well as fines up to $250,000.
In a guide to help organizations protect themselves from fraud and other risks, Union Bank asserted that it's important to implement strict processes for handing money. One step enterprises can take is to store any blank checks in secure locations and audit them regularly. This way, managers can find out early if any are missing and investigate further.
When accounts payable audits are used among other strong financial controls, company leaders may be able to safeguard themselves from potentially devastating misuse.