In the “old days” (insert my sweet grandmother’s voice), accounting employees waited to reconcile cash until the monthly bank statements were received in the mail. Today, Companies are “Going Green” to avoid monthly fees by waiving paper statements. It’s far easier and more convenient to review the daily transactions through the bank’s website. But is pressing that easy button causing you to overlook fraudulent transactions in your account?
Online banking, wire transfers and electronic fund transfers (“EFT”) by debit and check cards are becoming more and more common. While, these methods reduce processing time; they also make it easier for an employee or someone outside of the Company to steal directly from a bank account. It’s very simple for someone to slide in an additional monthly cable bill every so often.Read More