This presentation by the Money 2.0 Conference talks about preventing skimming spam before your organization gives all hopes up. With this presentation's help, you will understand how internal controls can be crucial in obliterating upsurging skimming spam from its roots.

1. Preventing Skimming Spam:
Amazing Tips Shared At The Money 2.0 Conference!

2. Table Of Contents
→ What Is Skimming Spam?
→ Complex Skimming Spam– Employee Theft
→ How Internal Controls Help Outsmart Skimming Spam?

3. What Is Skimming Spam?

4. → As discussed at top finance conferences like the Money 2.0
Conference, skimming spam can be defined in the following ways:
● Your company risks being the target of skimming and lapping schemes if it
takes cash payments.
● Skimming happens when an employee accepts cash payment from a client
and takes the money without having it recorded in the books.
● Skimming may appear to be consumer theft or an inventory error until a
fraudster gains confidence and starts pocketing more money.

5. Complex Skimming Spam– Employee
Theft

6. Global finance events such as the Money 2.0 Conference talk about how
skimming spam can take even more dreadful forms, leading to employee theft.
Check the next slide for more details→

7. ● In a more complex instance of skimming, the employee tries to hide the theft
by either erasing the paid invoice or fabricating a credit note, also known as
a wrong debt entry, and adding it to the customer's account balance to
prevent the account from being marked as past due.
● In contrast to skimming, lapsing involves the employee recording a cash
payment but taking the money for personal use rather than properly
depositing it.
● Afterward, the employee covers up the spam by charging the customer's
account for the subsequent payment.
● When spam is initially undetected, it is simple for the perpetrator to gain
confidence and broaden the plan.

8. How Internal Controls Help Outsmart
Skimming Spam?

9. ● Get rid of the cash entering your office.
● If you must accept cash, employ a lockbox service to do so securely, and
require daily bank deposits because those will reveal any inconsistencies.
● It's best to keep collecting cash and posting to accounts apart from issuing
receipts and making deposits.
● Cash receipts and posting to accounts receivable ought to be handled
separately.

10. ● To ensure that one person is always in charge of collecting money, cross-train
your staff and give tasks on a rotating basis.
● Make memorized reports of credit memos and other information if you don't
outsource or don't have the workforce to get separation of roles.
● Or, you can always consider registering for any upcoming finance conferences to
gain valuable insights on the matter, including finding a way out of the spam.

11. Thanks!
This Presentation Is Prepared By
Yash Dogra,
Manager, Money 2.0 Conference