Fraud
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What Makes People Commit Expense Fraud?
An estimated 5% of business travelers commit expense fraud. But what makes them do it? Is it just that the temptation is too much to resist, or that they bear a grudge against their company. Our survey revealed some interesting findings.
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It was recently revealed that a sophisticated invoice fraud scheme extracted more than $100 million from two of the world's largest companies. What steps can AP teams take to avoid their own organization falling victim to scams like these?
The Cost-Control Benefits of Analytics in Expense Management
Expense report software solutions can create huge volumes of data on employees' business travel spend. How can organizations use this to make smarter decisions?
How could your organization be exposed to expense fraud?
Employee expense report fraud is a considerable issue across the world – in fact in a recent survey, it was estimated to cost $2.8 billion a year in the U.S. alone, with more than 1.1 million American employees admitting to submitting deliberately falsified expenses. The impact of expense fraud goes far beyond the financial loss suffered. Organizations’ liabilities can range from audits to loss of investor confidence, and of course for those responsible for expense management and approval, failing to stop fraud can be somewhat career limiting.
How much does business expense fraud cost?
We recently surveyed more than 1,000 frequent business travelers, to see just how honest they are when it comes to submitting their expenses. The good news is that 94.7 percent say that their expense reports are done honestly. The bad news is that the other 5.3 percent equates to about 1.1 million business travelers, who combined cost their employers $2.8 billion per year. Those who admit to committing expense fraud do so to the tune of almost $2,500 per year on average.
Are You a Manager Who Ignores Expense Claim Abuse? Don’t Be!
“Fraud” is such an ugly word, which is exactly the reason some managers are wont to ignore it when it crops up in travel expense reports. They may instead refer to the practice as “stretching the truth,” or “padding the expense accounts” and ignore it altogether. They may be hesitant to call attention to the practice when it’s ingrained in company culture and those engaging in it are well-liked colleagues or friends.
Expense Fraud Whopper: Nearly $190K Reportedly Went to …
A mistress! A UK worker who used his expense-fraud gains to shower his Argentine mistress with presents will now be showering with other inmates as he serves out his two-year jail sentence. Phillip Tamplin, 53, had been an employee of the British telecommunications company of BT Openreach since he was 16. The Telegraph reports over the last two and one-half years of his employment there, he submitted more than 100 false expense reports to the tune of nearly $190,000.
5% of Employees Account for Most Corporate T&E Fraud
Many companies have employees who regularly travel for business. Top execs may need to be on-site to manage multiple offices, specialists may need to attend conferences and give workshops, and sales, customer service, and technical support reps may need to visit customers to generate sales and foster business-client relationships.
Your Employees are Padding their Travel Expenses
Are your employees cheating on their corporate travel expense reports? About 80% claim that they are generally honest with their travel expense reports but some admit to skimming a little of company funds for various reasons. Your employees represent your company on the road. And, their occasional unethical practices should be minimized, if not eliminated.
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Our choice of Chrome River EXPENSE was made in part due to the very user-friendly interface, easy configurability, and the clear commitment to impactful customer service – all aspects in which Chrome River was the clear winner. While Chrome River is not as large as some of the other vendors we considered, we found that to be a benefit and our due diligence showed that it could support us as well as any large players in the space, along with a personalized level of customer care.
We are excited to be able to enforce much more stringent compliance to our expense guidelines and significantly enhance our expense reporting and analytics. By automating these processes, we will be able to free up AP time formerly spent on manual administrative tasks, and enhance the role by being much more strategic.