Fraudulent Duplicate Payments_ Exposing The Scam.pptx

Fraudulent Duplicate Payments_ Exposing The Scam.pptx

1. Exposing The Sc a m: Fraudulent Duplicate Payments F R A U D B U S T E R S Krishank Kanojia

2. I N T R O D U C T I O N Setting the stage for fraud discussion Krishank Kanojia

3. Financial and reputational consequences of frauds I M P A C T Krishank Kanojia

4. 01 I N V O I C E M A N I P U L A T I O N Altering numbers or creating fake invoices to approve duplicate payments. 02 C O L L U S I O N S C H E M E Working with vendors to generate multiple invoices for the same service. 03 G H O S T E M P L O Y E E S Creating fictitious employees to receive payments for non- existent work. Common T actics Krishank Kanojia

5. A U T O M A T E D T O O L S Utilize AI and machine learning for accurate detection. Detection Strategies D A T A A N A L Y T I C S Analyze patterns and anomalies within transaction data. E M P L O Y E E T R A I N I N G Educate staff on fraud indicators and reporting procedures. Krishank Kanojia

6. Real- life Duplicate Payments Fraud Cases Explore real- life examples of ongoing frauds related to duplicate payments in various organizations, learn from their mistakes and prevent future occurrences. C A S E S T U D I E S Krishank Kanojia

7. D A T A A N A L Y S I S Utilize advanced analytics to detect anomalies and patterns in payment data. Prevention Measures A U T O M A T I O N Implement automated systems to flag potential duplicate payments in real- time. T R A I N I N G P R O G R A M S Provide training on identifying and reporting suspicious payment activities. R E G U L A R A U D I T S Conduct regular audits to review payment processes and prevent errors. Krishank Kanojia

8. F R A M E W O R K S O V E R V I E W Explore best practices to ensure compliance with regulations and prevent fraud. Regulatory Compliance R E G U L A T O R Y S T A N D A R D S Understand the importance of adhering to industry-specific regulations to combat fraud. R I S K M I T I G A T I O N S T R A T E G I E S Implement robust strategies to identify, prevent, and report potential fraud risks. Krishank Kanojia

9. R O B U S T P R O C E S S E S Implementing checks and balances Internal Controls T R A N S P A R E N C Y Open communication channels A U D I T I N G Regular financial reviews Krishank Kanojia

10. Wrap up and call to action for fraud prevention C O N C L U S I O N Krishank Kanojia