Fraud Management
Hi - I'm not sure if this is the right place to post this, but I would appreciate any help :-) I need to implement fraud management processes into our company (there are currently next to none in...
Forum Discussion
Hi The_Doc
I am a newbie user just seeking assistance to protect the company and myself in a new position I am moving into after doing some risk analysis and finding holes - I'm not asking for step by step instructions, just suggestions on MYOB fuctions that I can look into so that I can better utilise MYOB and protect those that have access and the company. I am aware that most fraud happens from trusted employees, hence my comment about the majority of websites suggesting to "know your employees" - not very helpful or robust at all.
I have never used this forum before and as a relatively basic MYOB user looking to learn and implement change within my organisation, I thought this was the place to ask questions and learn - seems I will need to seek guidance from elsewhere.
Thanks,
lkmcc
Hi lkmcc
Unfortunately the article referred to by Komal_S is generic, due diligence on MYOB's part (which I understand) but in the scheme of things - just too complex.
MYOB's security system to their layers of MYOB is way to complex to ensure that you have protected all sensitive areas - and I have been using using MYOB for a long time - it just is way too complex.
However, there are simple procedures that cover most bases of avenue that are open to being used to scam money.
They are simple, and are not giving away secrets or procedures within MYOB to cover fraud - just ways to stop them from happening
1. Never give out your main bank accounts access to anyone except a trusted person - single person - 100% trusted member.
2. Reconcile ALL main accounts where money comes out of - 2 or 3 times a day - I do not use bank feeds (they are useful but I do not use them, I tried and they created hell)
3. Reconcile your credit cards 4 or 5 times a day - this pays dividends - and know ahead who is buying what with a limit on unauthorised single credit card purchases.
4. Ensure you get receipts for c/c entries through the app capture - always and on time.
5. And the biggee !!!! - I never ever use banking upload templates! as these grab bank accounts from within MYOB to upload - sure people will argue this is very useful - sure is - great for big corps - big supplier payments but great for scamming.
I ALWAYS SETUP SUPPLIERS in the Commercial Bank portal - and build templates in there to use ONLY the bank accounts I have set in there.
Sure takes more time and is a bit painful - but so far I have never paid any supplier, any staff or anyone to a wrong account.
The above are simple tricks - simple procedures that are not giving away the crown jewels of the business but thwart 99% of scams.
Sure MYOB has 2FA and the bank does also - and the likelihood of anyone getting into these and changing these is smalll - but 99% of fraud is by someone known to the system.
Hope this helps
The Doc
