With Australian employees spending more company money throughout wider variety of payment methods, it’s no wonder that most business fraud cases involve company insiders. Up to a third of fraud cases involve management-level employees, highlighting the need for oversight and transparency. Keep policies up to date for changing conditions, and make sure employees understand the rules. Switching from other payment methods into a corporate card can increase transparency and oversight. Automation can cut back on both actual fraud and honest mistakes resulting from carelessness, confusion or clerical error.
Key Takeaways:
- Most corporate fraud cases in Australian involve insiders, and over a third involve managers.
- Switching employee spending onto a corporate card while reducing other methods of payment can increase oversight and transparency.
- Automating transactions can protect the company against both intentional fraud and against honest mistakes that can sometimes look very similar.
“Employees are spending more money across different spend categories and using more payment methods than ever before. This leaves organisations vulnerable to fraud and compliance risks unless they implement a solution that keeps pace with the new ways employees spend.”
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