Singaporean businessman involved in Wirecard case jailed 12 months
#Fraud committed by vendors is a significant issue that can have negative consequences for businesses of any size and industry. Even major tech companies have been victimized by #fraudulent activities. According to a recent survey conducted by PwC, almost 50% of all businesses have experienced #fraud within the last two years, with vendors and suppliers being among the primary external culprits.
Although anyone can commit #vendorfraud, #accounts, payable, and #procurement departments are particularly susceptible due to the nature of their work. However, all companies that rely on third-party vendors are at risk, and small to medium-sized businesses may be more vulnerable due to their lack of #internalcontrols.
Detecting fraudulent vendor activity can be complex and challenging, especially if an internal employee is involved. Despite this, companies can take simple measures to protect themselves and identify potential risks before they become significant problems.