Occurences Within
&
Money 2.0 Conference Reviews
Scam
Businesses A Guide To Help
Prevent The Scam
● Payroll Fraud: An Introduction ● Common Payroll Scams ● How To Address Payroll Fraud? Table Of Contents
Payroll Fraud: An Introduction
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As discussed at the Money 2.0 Conference, payroll fraud occurs when either employees or employers inadvertently exploit the payroll system to either get compensation for services they have not rendered or, in the case of employers, to withhold payment of wages that have been earned legally and for which taxes are owed. Money 2.0 Conference reviews that payroll scam can take many different shapes and can be challenging to spot. If firms aren't careful, the cost of this fraud and theft may be high.
Common Payroll Scams
Money 2.0 Conference reviews the types of payroll scam prevalent in the finance industry.
Check them out!
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Employees Who Have A Joint Residence Or Checking Account
Describing the first type of fraud, experts who will attend the Money 2.0 Conference says when various family members work for the same business, this occasionally happens. If they are unconnected, though, it may indicate scam, highlighted at finance and insurance conference- Money 2.0 Conference.
A Worker Who Exceeds Their Means
Another potential indicator of fraud is when an employee makes a significant purchase (new car, expensive home, or international trip) without any prior record of similar behavior, reviews the global finance platform–Money 2.0 Conference.
● Payroll Record Errors
Any flaw in the management and oversight of payroll records opens the door to dishonest practices, says the expert of Money 2.0 Conference while discussing the anti-scam strategies.
A Worker Who Never Uses Paid Time Off
According to Money 2.0 Conference anti-scam agenda speakers, an employee who "hoards her work obligations and never takes PTO" may engage in fraud because she is "unwilling to quit for fear the fraud may be found by someone covering for her."
How To Address Payroll Fraud?
Observe The Payroll Reports
Particular Tasks
To avoid getting trapped by scammers, financial experts attending the Money 2.0 Conference suggest never approving payroll reports without a thorough review from management and staff. Employee requests for leave are subject to the same level of scrutiny. Only in an environment with loose regulations will fraud thrive. Separate
When various employees handle different aspects of the payroll process, fraud cases can be drastically minimized, reviews the Money 2.0 Conference. Never designate the same person to process payroll, update reporting, or amend payroll reports, as was previously stated.
Pay Attention To Canceled Checks
Adding further the professionals of Money 2.0 Conference advice to check any canceled checks to ensure they were indeed canceled as part of the monitoring process. Never add your name to a blank check, either.
Examine Payroll
Auditing is most likely the prudent course of action that an employer may take regarding fraud protection, as mentioned in the networking session of Money 2.0 Conference.
Set up recurring audits to reconcile payroll at least once every three months, and have someone other than the person in charge of processing payroll oversee the procedure.
Thank You!
This Presentation Is Prepared By
Saxena
Jhanvi
Manager, Money 2.0 Conference