Protection from Fraud with P2P Software

P2P Fraud Schemes in Higher Education

While procurement fraud always negatively impacts its organization, there are some industries that seem especially ill-affected by fraud. This last month, higher education institutes were hit especially hard with the discovery of a number of payment fraud schemes.

A former employee at University of Wisconsin-Madison stole over $100,000 by creating fake companies and fraudulent checks. For over two years, this employee used these tactics resulting in major losses for the University. One of his methods included writing checks that appeared to be for housing refunds to students, but were written to him personally.

Other recent procurement fraud schemes include expensing charges that were never truly incurred, stolen cash tax payments, and false credit card charges.

When higher education organizations are hit by fraud, it is not just the institution that suffers. Students invest in their education, but when money is flowing out in fraudulent activity, students are not getting the same returns from their education. The effects may not be immediate as the fraud often goes undetected, but ultimately when the school suffers, the students do, too.

Vroozi e-procurement technology is built to protect organizations from fraudulent activity. With online tracking and 3-way checks between invoice, goods receipt, and purchase orders, inconsistencies are quickly brought to light so organizations can protect themselves with smarter P2P technology.

Learn more about how to protect your organization from procurement fraud with a Vroozi custom live demo. Register today to see custom procurement solutions for you.

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Source: PYMNTS.com, Higher Learning, Hit By Payments Fraud