Preventing Skimming Spam: Amazing Tips Shared At The Money 2.0 Conference!
Table Of Contents → What Is Skimming Spam? → Complex Skimming Spam– Employee Theft → How Internal Controls Help Outsmart Skimming Spam?
What Is Skimming Spam?
● Skimming may appear to be consumer theft or an inventory error until a fraudster gains confidence and starts pocketing more money.
→ As discussed at top finance conferences like the Money 2.0 Conference, skimming spam can be defined in the following ways:
● Your company risks being the target of skimming and lapping schemes if it takes cash payments.
● Skimming happens when an employee accepts cash payment from a client and takes the money without having it recorded in the books.
Complex Skimming Spam– Employee Theft
Check the next slide for more details→
Global finance events such as the Money 2.0 Conference talk about how skimming spam can take even more dreadful forms, leading to employee theft.
In a more complex instance of skimming, the employee tries to hide the theft by either erasing the paid invoice or fabricating a credit note, also known as a wrong debt entry, and adding it to the customer's account balance to prevent the account from being marked as past due.
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● In contrast to skimming, lapsing involves the employee recording a cash payment but taking the money for personal use rather than properly depositing it.
● Afterward, the employee covers up the spam by charging the customer's account for the subsequent payment.
● When spam is initially undetected, it is simple for the perpetrator to gain confidence and broaden the plan.
How Internal Controls Help Outsmart Skimming Spam?
● Get rid of the cash entering your office. ● If you must accept cash, employ a lockbox service to do so securely, and require daily bank deposits because those will reveal any inconsistencies. ● It's best to keep collecting cash and posting to accounts apart from issuing receipts and making deposits. ● Cash receipts and posting to accounts receivable ought to be handled separately.
● To ensure that one person is always in charge of collecting money, cross-train your staff and give tasks on a rotating basis. ● Make memorized reports of credit memos and other information if you don't outsource or don't have the workforce to get separation of roles. ● Or, you can always consider registering for any upcoming finance conferences to gain valuable insights on the matter, including finding a way out of the spam.
Thanks! This Presentation Is Prepared By Yash Dogra, Manager, Money 2.0 Conference