AP Appreciation Week & AP Fraud Week - AP Now: October 7 - 11, 2019

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This is the week where AP Now recognizes just how important the AP function is and say thank you to all the hard-working professionals in the field.  Find more information on how to participate here.

Please share this with all your colleagues concerned about fraud prevention.

North Carolina county falls for BEC scam, to the tune of $1,728,083

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The North Carolina county of Cabarrus, in the US, says that it’s managed to claw back only some of the $2,504,601 it paid to a scammer posing as a contractor working on building a new high school.

The crooks used social engineering – specifically, what’s known as a Business Email Compromise (BEC) scam – to pose as Branch and Associates, which is a general contractor that’s working on building a new school for the Cabarrus County Schools District.

The scam came to light after Branch and Associates sent a courtesy notice about a missed payment on 8 January. County staff confirmed that the electronic funds transfer (EFT) had, in fact, cleared the month before.

County officials next notified the bank to which the $2.5m was transferred, Bank of America. The bank managed to freeze $776,518.40 of the $2,504,601 that remained in traceable accounts.

Continue reading on Naked Security.

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Use authentication techniques, internal controls and best practices in Vendor Setup & Maintenance to protect your vendor master file from fraud.

Cabarrus County hires consultant to help train, protect future assets after scammed out of millions

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CONCORD – Social engineering and phishing scams are becoming more prevalent among companies and organizations.

The Cabarrus County Government disclosed Monday night that they are still missing more than $1.7 million after a social engineering scam diverted a $2.5 million vendor payment made by the county.

To protect their future assets, the county hired Oklahoma-based accounts payable consultant Debra Richardson to train staff and redesign its vendor processes and review vendor files.

She consults, trains, provides tips and gives directions to accounts payable teams on how to avoid sending out a fraudulent payment.

Read the rest of the Chicago Tribune article here

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Use authentication techniques, internal controls and best practices in Vendor Setup & Maintenance to protect your vendor master file from fraud.

How I Helped Cabarrus County After Their Social Engineering Scam. I Can Help You Too...

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Great mention of my services: "Cabarrus County government targeted in social engineering scam" - Business Today http://bit.ly/2YvzSPC

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Use authentication techniques, internal controls and best practices in Vendor Setup & Maintenance to protect your vendor master file from fraud.

BEC Scammers Turn to Aging Reports in New Twist

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Don’t be tricked to giving your AP Aging Report - they are gold to scammers. Read the post from Info Security here.

Add authentication techniques, internal controls and best practices to reduce the potential for fraudulent payments.


AP Recognition Week - IFO: October 7 - 11, 2019

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Celebrated the second week of October, AP Recognition Week is organized annually by The Institute of Financial Operations to honor the men and women in Accounts Payable and their dedication, drive, and accomplishments as financial operations professionals.

What are you doing with your team?

Find more information on the IFO Website here.

In the UK: AP Association Conference & EXPO - October 15, 2019

Every year, the Accounts Payable Association organises a Conference and Expo aimed at educating, training and enhancing the professional development of its participants.

This year’s main theme and focus for this conference is Leadership & a Career in AP and it will take place on 15 October 2019.

Want more information? Email - info@ap-association.co.uk or learn more on the conference page: https://www.ap-association.com/annual-apa-conference-and-expo/

Two Day Seminar: Account Payable Best Practices (New York - June 27-28, 2019)

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The accounts payable function is changing at a dizzying pace. Technology, new frauds and regulatory changes are all taking their toll. What worked yesterday may not work today. Given the current business environment, mounting regulatory pressures, and the increased visibility and importance of the accounts payable function, best practices are something with which every professional needs to be conversant. Unfortunately, keeping up to speed these days can be like herding cats. While some best practices remain steadfast, others simply no longer work and are being replaced by new practices just now appearing.

The talk will include a discussion of the newest best practice every organization should implement to ensure crooks don't get their hands on money or sensitive information. This is one session you might want to invite your colleagues in accounting, auditing and payroll to so they implement appropriate best practices and are not bamboozled by some of the newest frauds.

To learn more click here.

AP-NOW Webinar: Master Vendor File Validations Best Practices - August 7, 2019

When: August 7, 2019
Time: 1:00 p.m. EST (noon CST; 11:00 a.m. MST; 10:00 a.m. PST)
Where: Your office

 Information about The Master Vendor File Validations Best Practices webinar can be found here.

Until recently, one of the often-overlooked areas in accounts payable, was related to the master vendor file; specifically, the data that was entered without any verification whatsoever. However, the recent spate of new electronic payment frauds highlighted the very real danger of entering information without verifying it.

That’s why we’ve invited Debra Richardson to share her considerable expertise on how validations should be conducted and where to get the information you may need to complete these data validations.

After this session, you will be able to:

  • Create best practice processes for validating critical vendor data

  • Identify the 11 vendor validations and know how to perform them

  • Explain the reasons for these validations to management

  • Craft practices to validate bank data collected

  • Recognize other considerations that need to be taken into account when setting up vendors

And more.

Bonus: Each attendee will receive their own Vendor Validation Reference sheet, which contains links to or information about 24 different items. While most won’t use all the links, everyone will benefit from at least nine of them.

Prerequisites: None
Program Level: Intermediate
Advance Preparation None
Format: Group Internet-Based (Webinar)
CPE Credits 1.0

About our Expert: Debra Richardson, Owner, Debra R Richardson, LLC, is an accounts payable speaker, consultant, and trainer with over 20 years of experience in AP, AR, general ledger, and financial reporting for Fortune 500 companies including Verizon, General Motors and Aramark.

For eight years, Debra has focused on Global Vendor Maintenance, and implemented a vendor self-registration portal for 140k+ global vendors across five ERPs. In her consultancy, she focuses on authentication techniques, internal controls and best practices to prevent fraud in the vendor master file.

Debra now focuses on helping accounts payable teams protect the vendor master file from fraud.

CRYSTALLUS  Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN, 37219-2417. Web site: www.nasba.org.

RSVP Today: Empowering Your Human Firewall: the Art and Science of Secure Behavior

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Register here.

  • Date: Wednesday, May 22, 2019

  • Time: 02:00 PM Eastern Daylight Time

  • Duration: 1 hour

  • Speaker: Perry Carpenter


You know that "security awareness" is key to a comprehensive security strategy. But just because someone is aware doesn't mean they care. So how can you design programs that work with, rather than against, human nature? Here's the great news. Creating a security awareness strategy that not only educates but reinforces good behaviors can be achieved and we'll show you how.

In this webinar, Perry Carpenter, Chief Evangelist and Strategy Officer for KnowBe4 will unpack a number of key elements from his new book Transformational Security Awareness: What Neuroscientists, Storytellers, and Marketers can Teach Us About Driving Secure Behaviors. Drawn from his experience as an awareness practitioner, CISO mentor, researcher, and author, Perry will dive into ideas like how to use "Trojan Horses for the Mind," how to leverage social dynamics to drive behavior and shape culture, and will unveil some exciting new behavior models that will help you stop the bad guys in their tracks.

This presentation will take a deep (and practical) dive into:

  • How to understand and design for behavioral segments

  • How to successfully debug bad behaviors

  • How to influence motivation in three different ways

  • And why it is important to live your awareness program through the eyes of your audience

National Small Business Week May 5 - 11, 2019

Happy Small Business Week! With more than 30 million small business owners nationwide, neighborhoods and families depend on your success.

Click here for free employee training.

Click here for Small Buxiness Cybersecurity “Quick Wins”

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NEW! IOFM Master Class: Vendor Master File - Get Discount Code for 10% Off

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The vendor master file (VMF) is a cornerstone of the procure-to-pay process. Data entered in the VMF can drive efficiencies and ensure accuracy in the creation of requisitions, purchase orders, invoices, payments, and entries to the general ledger. This Master Class is designed to provide employees who handle the VMF with best practices concerning onboarding, compliance, internal controls and management. This class includes an e-textbook, short video and three attempts at the final exam. Enrollment expires one year from date of purchase. 

Use Discount Code: HAPPY19 for 10% off

Click here to go to enroll on the IOFM Site

Join Us! Oklahoma Central Region IOFM Chapter Meeting, Monday, May 13th 4-6 pm

Accounts Payable, Accounts Receivable - All Accounting and Finance Professionals. Join the Oklahoma Central Region Chapter for it's 2nd Quarter chapter meeting.

Learn about Unclaimed Property from the experts. With States focusing on Unclaimed Property audits to increase revenue, and with recent changes, this is a great time to increase your knowledge and have a discussion with other professionals.

  • Food provided by Sponsor from Special Event Menu

  • Drawing and Swag Bags for Attendees

Click to RSVP