Don’t let your business fall victim to fraud

Written on Nov 26, 2019

By Abigail Draper, OSCPA communication & engagement manager

Even if you don’t think it can happen to you, taking precautions against fraud is the only way to prevent it, Frank Suponcic says.

“There really isn't a business that is safe from embezzlement,” said Suponcic, CPA, CFE, CFF, partner in the Litigation Advisory Services Group at Skoda Minotti, an Ohio CPA Proud organization.

Suponcic will speak on Dec.19 at OSCPA’s Fraud & Forensic Accounting Summit, where he will deliver two presentations: one on fraud case studies, and the other on how to catch and prevent expense report and credit card fraud.

Suponcic highlights case studies as one of his most popular presentations because many of the stories, like one about a $7 million embezzlement case he worked, are dramatic.

“I get up there and start telling real-life stories of cases that I've worked and how people stole, what they did with it, how they were caught and how they were sentenced — it’s like watching TV,” he said. “So, I’m able to maintain attendee interest throughout.

“I'm not going to say I don’t generate a couple laughs along the way, but I’m also really teaching them forensic concepts.”

Suponcic said he sees expense report and credit card fraud most frequently. This is partially because many businesses don’t have adequate policies in place, or they don’t keep a close eye on employee spends.

He said many people don’t know what they can and can’t charge while on a business trip.

“Can you charge getting your nails or hair done? What about your dry cleaning? How much can you spend on entertainment? Where can you stay? How can you fly? All these things you need to consider if you file an expense report or have a corporate credit card.”

Another point Suponcic said he’ll make during his remarks is about using gift cards in the course of doing business.

“Today, companies give gift cards as incentives, bonuses or rewards, and we're seeing a lot of abuse with regard to that because who's to say you actually gave someone that gift card (and didn’t steal it) if there’s no documentation?”

Suponcic said many businesses are hesitant to take preventative fraud measures because they don’t suspect it could be happening at that moment, but they could spend considerably more when something does happen, and the need is immediate.

“A lot of companies just don't know it can happen to them. It's our job to educate them that it does happen, and it can happen to you. So, why don't you take the steps necessary to mitigate opportunities for being a victim?”

Register now for the Fraud & Forensic Accounting Summit to hear Suponcic’s case studies and learn how to protect your business from expense report and employee credit card fraud.

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