June 2009 - Issue 2

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Feature Story
Feature 

Will Vendor Fraud Drain away Your Profit?

An "early warning system" can guard against increasing risks

by John Hiatt, Editor of The Cheat Sheet

Recently, deputy sheriffs escorted a trusted and well-liked employee off the premises of a well-known, publicly traded company. But this time it wasn't a top exec taking the "perp walk" on the evening news. It was a payroll department worker who had scammed the company for thousands of dollars, sending garnishment checks to fictitious child-care agencies she'd set up with the help of friends and family. Read more ...

Editorial Corner

Hot off the presses: Your latest issue of The Cheat Sheet


Kevin O'Connor

Hello. I'm Kevin O'Connor, director, vendor risk analysis at APEX Analytix. Here's the latest issue of our new publication, The Cheat Sheet, an interactive quarterly newsletter that focuses on the latest developments in fraud detection and mitigation. The Cheat Sheet is also your guide to help you better manage your staff and get more done in less time.

In the last issue, we talked about the sagging economy, how it increases the risk of fraud and how a vendor risk analysis can flag suspicious historical transactions. In this issue's feature story, you'll find out how an "early warning system" can look over your shoulder and spot potentially fraudulent transactions before you cut the check and send money out the door.

Your opinion matters a lot. Please let us know how successful we are at including articles relevant to you by taking a one-minute reader survey. We want to make this new publication as valuable to you as possible.

If you would like to remove yourself from this newsletter, please click on link at bottom of page.

Spotlight

APEX Analytix® Introduces FirstStrike® 9.1

New features stem losses from overpayments, errors and fraud.

More info

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Events

Join APEX Analytix at these events in 2009

20th Annual ACFE Fraud Conference, July 12-17, Las Vegas

IQPC Shared Services for Finance and Accounting Conference, July 20-22, Chicago

Publications

STORES Magazine

Chain Store Age

Supermarket News

Business Finance Magazine

Financial Executive

CFO

Internal Auditor

Accounting Technology

Information Week

eWeek

InfoWorld

Computerworld

Baseline

Associations

ACFE - Association of Certified Fraud Examiners

IIA - Institute of Internal Auditors

AICPA - American Institute of Certified Public Accountants

IQPC - International Quality and Productivity Center

VCF - Vendor Compliance Federation

IOMA - Institute of Management Association

Resources

The Balance Sheet

The Apex Analytix quarterly publication that provides insights and best practices for A/P, shared services and recovery audit professionals. 

See latest issue

Kroll Global Fraud Report

ACFE Report to the Nation

Archives

Premier
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Complimentary Webinar

State-of-the-Art Fraud Detection in a High-risk Environment

Apex Analytix

It should come as no surprise to you that these times of economic uncertainty can become a breeding ground for high-risk and potentially fraudulent activity within your A/P or financial shared services organization.

Register for this complimentary Webinar.

During this webinar APEX Analytix's vendor risk experts, Kevin O'Connor and Tasha Bailey, will explain why now, more than ever, it's critical for you to be proactive in detecting potentially fraudulent activity to safeguard your company's profits.

You'll also hear about the progress being made in state-of-the-art fraud detection and the methods that can you utilize to reduce the risk of exposure to fraud.

Listen in to learn:

  • New ways that fraud is being perpetrated.
  • Economic and industry factors that raise the risk of fraud in your company.
  • New methods of detecting fraud including automation and continuous monitoring.
  • How you can use the right data, tools and processes to fight fraud.

Wednesday, July 1 at 1:00 p.m. EDT

Register for this complimentary Webinar.

Scam Alert

Trusted Bookkeeper Pockets $6.9 Million

Started writing checks to herself in 1999

A bookkeeper who embezzled $6.9 million from a Massachusetts construction company over a seven-year period was recently sentenced to four years in prison.

Angela Buckborough Platt, who had earned $40,000 a year working for J&J Materials of Rehoboth, Mass., spent the money on a ranch in Vermont, a life-size statue of Al Capone, vacations, cars and for Burt Bacharach to sing at her brother's wedding. "I'm very ashamed of what I did," Platt tearfully told U.S. District Judge William Young in federal court.

According to the Department of Justice, over the years, Platt continued to feed her fetish for celebrity memorabilia and movie props. Her purchases: a 20-foot tall, smoke-emitting dragon with hydraulically powered wings, six $3,000 talking trees like those in the Wizard of Oz and a 9-foot-tall grizzly bear. She also planned a lavish wedding for her brother that would have included a $15,000 fireworks show.

Young ordered Platt to repay $4.48 million, plus interest, to her former employer. Her former boss said he had to lay off 35 workers because of his losses. Platt began writing checks to herself -- for as much as $50,000 -- starting in 1999. Her scheme wasn't discovered until 2006, when another bookkeeper was added to the J&J staff.

Risk Management : Guard against devastating financial losses

To Catch a Thief: Recovering Assets after an Embezzlement

Surefire ways to make the company whole

by G. Michael Bellinger - Risk Management


Doing Business in a Volatile World

Steps you can take to limit global risks

by Duncan Wood - Treasury & Risk

Process Management : Implement new processes & manage you staff

Just How Automated Are You?

Consider straight-through processing in A/P

from Accounts Payable News


Reaching Deeper for IT Savings

Insourcing can save time, money

by Thomas Hoffman - CFO Magazine

Time Management : Balance your work and life

Exploding Common Myths about Corporate Culture

Three keys to success for leaders

by Nat Stoddard and Claire Wyckoff - AMA Moving Ahead


How to Choose Your Business Bully Battles

20 questions to ask in challenging circumstances

by Sam Horn - Expert Access

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