Former NZ Bank Employee defrauds club of $100k+ in funds

This in another great example that highlights the importance of good processes and having segregation of duties in place

A Former NZ Bank employee is alleged to have defrauded one our oldest rugby clubs of more than $100k. 

Some of the fraudulent activity was achieved by creating false invoices under the guise of other visiting sports club and suppliers. The fraudulent activity was only picked up by a forensic accountant while investigating why the club was having issues paying its bills.

A question, should the allegations to be found true - is what did she get up to when working in a previous role for the bank?

Read the full article here

This is a good example of how important ‘segregation of duties’ are in the financial approval process. Which of course is one of the many features that makes VigilantPay a powerful tool for fraud prevention in any organisation.

This scenario would have been flagged for review by management the very first time the employee tried to load a payment to her own bank account.

We find having the VigilantPay platform in place is a big deterrent and puts staff off from ever entertaining the though of defrauding an organisation.

Call us today if you would like to find out more about how we can help you ‘tighten’ your payment policies and processes.

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