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Five ways to team up and deter supplier fraud

- Five ways to team up and deter supplier fraud

Finance leaders can struggle to combat criminals posing as suppliers. Costas Xyloyiannis tells Association of Corporate Treasurers (ACT) how teams can work together to beat the fraudsters

Supplier fraud remains a key area of exposure and one that finance teams could stop by using accurate supplier information. In practice, though, this information is notoriously outdated. 

The department most often responsible for managing supplier information, procurement, works closely with finance. Yet, the situation has persisted for years. Why? Addressing it is seen as a mammoth task that neither team is rushing to tackle. 

Meanwhile, businesses are losing money. It’s time, therefore, to close this gap in defences. Here are five steps for finance and procurement can take to address the information struggle for good.

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