This presentation by the Money 2.0 Conference reviews how payroll fraud has become a pressing issue for both small and large companies. This presentation helps you understand how payroll scams and spam can cripple your business if you are unaware of them at their nascent stage.

1. Money 2.0 Conference Reviews Payroll Scam
Occurences Within Businesses
A Guide To Help & Prevent The Scam

2. ● Payroll Fraud: An Introduction
● Common Payroll Scams
● How To Address Payroll
Fraud?
Table Of Contents

3. Payroll Fraud: An Introduction

4. ● As discussed at the Money 2.0 Conference, payroll fraud occurs when
either employees or employers inadvertently exploit the payroll system to
either get compensation for services they have not rendered or, in the
case of employers, to withhold payment of wages that have been earned
legally and for which taxes are owed.
● Money 2.0 Conference reviews that payroll scam can take many different
shapes and can be challenging to spot. If firms aren't careful, the cost of
this fraud and theft may be high.

5. Common Payroll Scams

6. Money 2.0 Conference reviews the types of payroll scam
prevalent in the finance industry.
Check them out!

7. ● Employees Who Have A Joint Residence Or Checking Account
Describing the first type of fraud, experts who will attend the Money 2.0
Conference says when various family members work for the same business, this
occasionally happens. If they are unconnected, though, it may indicate scam,
highlighted at finance and insurance conference- Money 2.0 Conference.
● A Worker Who Exceeds Their Means
Another potential indicator of fraud is when an employee makes a significant
purchase (new car, expensive home, or international trip) without any prior
record of similar behavior, reviews the global finance platform– Money 2.0
Conference.

8. ● Payroll Record Errors
Any flaw in the management and oversight of payroll records opens the door to
dishonest practices, says the expert of Money 2.0 Conference while discussing
the anti-scam strategies.
● A Worker Who Never Uses Paid Time Off
According to Money 2.0 Conference anti-scam agenda speakers, an employee
who "hoards her work obligations and never takes PTO" may engage in fraud
because she is "unwilling to quit for fear the fraud may be found by someone
covering for her."

9. How To Address Payroll Fraud?

10. Observe The Payroll Reports
To avoid getting trapped by scammers, financial experts attending the Money
2.0 Conference suggest never approving payroll reports without a thorough
review from management and staff. Employee requests for leave are subject to
the same level of scrutiny.
Only in an environment with loose regulations will fraud thrive.
Separate Particular Tasks
When various employees handle different aspects of the payroll process, fraud
cases can be drastically minimized, reviews the Money 2.0 Conference.
Never designate the same person to process payroll, update reporting, or
amend payroll reports, as was previously stated.

11. Pay Attention To Canceled Checks
Adding further the professionals of Money 2.0 Conference advice to
check any canceled checks to ensure they were indeed canceled as part
of the monitoring process. Never add your name to a blank check, either.
Examine Payroll
Auditing is most likely the prudent course of action that an employer may
take regarding fraud protection, as mentioned in the networking session
of Money 2.0 Conference.
Set up recurring audits to reconcile payroll at least once every three
months, and have someone other than the person in charge of
processing payroll oversee the procedure.

12. Thank You!
This Presentation Is Prepared By
Jhanvi Saxena
Manager, Money 2.0 Conference