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Elimination of Fraud

Fraud Threats

By definition, third-party confirmations are sent to the client’s financial institution, therefore, it is within the identity of the responder that the ultimate exposure to fraud exists.

In case after case, paper-based processes are shown to be easily penetrated by purported fraudsters, especially when the process is so easy to circumvent. Here are just a few of the areas that a fraudster can take advantage of:

4 Fraud Threats - list not inclusive of all threats

  1. Client provides the account statement and contact information
  2. Client provides the contact name
  3. Client directs/influences the auditors validation process
  4. Impractical if Not Impossible to Validate Signatures

To find out more, contact:
Clark Hudgins, Vice President Accounting Profession
Clark.Hudgins@confirmation.com
Phone: 1-888-716-3577