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Five ways to team up and deter supplier fraud


By Costas Xyloyiannis, CEO of HICX

Despite best efforts, Finance leaders struggle to allay the tactics of criminals posing as suppliers. Fraudsters would be easier to deter if Finance had a steady source of accurate supplier information. In practice, though this information is notoriously inaccurate.

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

Meanwhile, businesses are losing money. It’s time, therefore, to enable success in this area. Here are five steps by which Finance, with Procurement, can address the information struggle for good.

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