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Preventing Fraud Inside and Out
HOME
2020
Fall
Preventing Fraud Inside & Out
Preventing Fraud Inside & Out
By Mark Bockelmann
Sr. Relationship Manager
BMO Harris Bank N.A.
Jim Grammas
Director Government Team
BMO Harris Bank N.A.
Payments fraud has always been prevalent, but fraudsters tend to increase their activity in times of uncertainty and change — and school districts are not immune. According to the Association for Financial Professionals, more than 80 percent of financial professionals reported their organizations were targets of payments fraud in 2019 and that has only increased in 2020.
While organizations have never been more aware of increasing threats, the tactics fraudsters use continually evolve and are more sophisticated than ever. The pace at which we all operate and the continued demand on payment staffs leaves many organizations exposed, especially in the context of the COVID-19 pandemic. As a result, fraudsters are more successful each year.
In addition to external fraud threats, school districts must remain vigilant against internal fraud. While technology and internal controls are critical components of a risk mitigation strategy, it is equally important that your district fosters a culture and environment that keeps fraud at bay.
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