United State Vice President J.D. Vance chose Kansas City, Missouri to announce a national crackdown on suspected Covid-era PPP fraud.
Backed by White House Cabinet members and Missouri Republicans Eric Schmitt and Gov. Mike Kehow, Vance said they are sending letterd to suspected fraudsters across the country.
“870,000 people who are no longer able to apply for loans from the federal government, not just because they’ve been found to be fraudsters in the Small Business Administration program, it’s because they’ve been tagged as having a high likelihood of committing fraud for other actions that they’ve engaged in,” Vance said
Vance was asked how businesses could fight allegations of fraud.
“We certainly appreciate that some people, mistakes sometimes happen. So we’ve set up a process to ensure that people can actually challenge whether they’ve been adequately or accurately, I should…
PROCUREMENT & EXPENDITURE (STOPPING KICKBACKS)
Procurement fraud usually involves inflated invoices or “fictitious” vendors.
- The Three-Way Match: Never pay an invoice unless you have matched the Purchase Order (PO), the Delivery Note (signed), and the Supplier Invoice.
- Vendor Master File Review: Review your vendor list annually. Look for suppliers with the same bank details or physical addresses as your employees.
- Dual Authorization: Implement a “Two-to-Sign” rule for all EFT payments above a certain threshold (e.g., R5,000).
- No “Cashing” of Checks: If you still use physical checks, strictly prohibit “Cash” as a payee and store blank checks in a dual-lock safe.