Results for tag: "Vendor Fraud"

Vendor fraud is a type of accounting fraud that occurs when a vendor or supplier misrepresents the goods or services they provide to a company. This type of fraud can take many forms, such as overcharging, providing inferior goods or services, or providing false invoices. It can also involve kickbacks or bribes, or the vendor may use false identities or shell companies to hide their activities. Vendor fraud can have a significant impact on a company’s financial health, as it can lead to overpayment for goods or services, or the company may be unable to recover the money it has already paid. It can also lead to reputational damage, as the company may be seen as having poor internal controls or inadequate oversight. There are a number of companies that specialize in helping organizations detect and prevent vendor fraud. These include companies such as Verafin, FICO, and SAS. They provide a range of services, such as fraud detection software, analytics, and consulting services. Show Less Read more