COVID-19 Fraud Risks: Remote Working, Internal Controls and Corporate Disbursement Fraud

The COVID-19 pandemic has changed where we work, how we work and ultimately how companies execute and sustain their internal control environment.

Recent studies show that the top 5 fraud schemes have increased on an average of about 85% through 2020 due to the current pandemic, with notable increases in corporate fraud schemes, specifically, corporate payment fraud. These numbers are truly astounding and cannot be ignored when assessing how companies can protect themselves against these types of threats. As we continue to work with our clients through this unprecedented time, we are tasked to answer a number of critical questions to identify and mitigate additional fraud risk. Common questions include:

• What impact has COVID-19 had on increased fraud risk and exposure to additional threat actors as it relates to corporate disbursements?
• What can companies do to protect against payment fraud?
• How can companies identify key gaps within the internal control environment?

With all the new challenges we face, developing awareness and understanding of these new fraud risks is the first step in mitigating the risk of payment fraud. However, focusing on a culture of strong internal control is imperative to ensuring the lasting health and growth of any organization.

To learn more about these increased fraud risks and ways to mitigate the risk of corporate payment fraud, we invite you to download our whitepaper, COVID-19 Fraud Risks: Remote Working, Internal Controls and Corporate Disbursement Fraud.

About Schneider Downs Risk Advisory

Schneider Downs offers several risk advisory services to help our clients navigate these changing business risks. As part of these services, we work with our clients to assess control environment maturity and develop appropriate risk mitigation plans to enhance corporate governance and control activities. To learn more visit www.schneiderdowns.com/risk-advisory-services or contact us for more information.