White House Issues Executive Order Targeting Cybercrime, Fraud, and Foreign “Scam Centers”

Skip to content

CLICK HERE to read the FULL White House Issues Executive Order Targeting Cybercrime, Fraud, and Foreign “Scam Centers” article.

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.