Steps to Stop External Fraud

Overview

Until recently, a percentage of organizations discounted the risk related to external fraud attempts. Most were only concerned with protecting physical assets such as inventory or fixed assets. However, because of the many highly publicized corporate hacking events, such as the ones that affected the Colonial Pipeline and JBS Meats, more attention is being paid to external fraud risk of all types. In this session, we look at what is included in a definition of external fraud and then delve into specific control issues that can give rise to increased risk. We then discuss measures that organizations can employ to help reduce exposure to external attacks.

Highlights

• Types of external fraud
• Considerations as organizations work to reduce fraud risk
• External fraud and known parties/External fraud unknown perpetrators

Prerequisites

None

Designed For

Accounting and other business professionals that would benefit by understanding how pervasive external fraud can be and wish to work to mitigate the risk associated with it.

Objectives

• Recognize external fraud
• Identify control issues that can give rise to external fraud occurrences
• Recall ways to reduce external fraud risk

Preparation

None