Significant Credit Card Fraud by Internal Employees: What to Do
With the right strategies, you can gain control and protect your business from unauthorized transactions. Here are some straightforward steps to help you monitor and manage business card spending effectively.
Set Clear Spending Limits:
Assign limits for each cardholder based on their role and needs. This helps prevent overspending and ensures that expenses align with company policies.
Utilize Transaction Alerts:
Enable transaction alerts to receive instant notifications of card activity. This allows you to quickly identify and address any spending.Regularly Review Statements:
Conduct monthly reviews of your credit card statements. It sounds common, but not so much. Look for unfamiliar transactions and verify that all purchases are authorized.Implement Spend Tracking Tools:
Leverage tools such as Excel or ERP systems to categorize and analyze expenses. This can help identify spending patterns.Educate Employees:
Provide training on company spending policies and the importance of vigilance against out-of-policy transactions.Conduct Operational Reviews:
Perform regular operational reviews. This proactive approach helps in maintaining control over finances.
Check out these two instances totaling nearly 1 MIllion Dollars in alleged fraud spend…