Fraud

Business

Vendor Fraud Explained | Risks, Red Flags & Solutions

In the modern globalized economy, organizations are becoming highly dependent on third-party vendors, contractors, and suppliers to operate their businesses. Although outsourcing provides flexibility and cost reductions, it also introduces one major and not so well-known risk, which is vendor fraud. Fake invoices, shell companies, and/or collusion among employees and vendors are just some ways through which vendor fraud can…