HOT TOPIC: FRAUD
By Mark Abell
Vice President KeyBank’s Business Banking Group
October 2003
On October 2, I attended a presentation by the foremost expert in white-collar crimes, Frank Abagnale, whose life was depicted in the movie "Catch Me If You Can". In the seminar, Mr. Abagnale stated that white-collar crimes cost US
Citizens in excess of $600 billion dollars last year - more than $2,000 for every man woman and child in the US. His conclusion: fraud is real and should be a major concern for us all.
There are ways to protect yourself from check fraud and embezzlement. Take a hard look at your internal accounting and accountability systems. Are there clear
separation duties for those responsible for making deposits, writing checks, signing checks, and balancing your company’s account? Are you utilizing bank systems and services to ensure that the checks clearing your account each night match the ones that you wrote? Are you using check stock that cannot be copied? Is your check stock under lock and key, with controlled access?
Our inexpensive CD Shredder / Paper Shredder can help you comply with
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