PSA: Regularly review finances for fraud

This isn’t something we often talk about on CD, but I thought I’d take the opportunity to share a near-miss we had this morning.

I got a call about some fraudulent charges – apparently, a would-be fraudster tried to make off with about $900 from the team account. Thankfully, the bank declined the charges and after some phone calls, everything has been resolved.

Out of curiosity, what policies/procedures do your teams have in place to prevent similar situations?

Some changes we plan on making:

  • Regularly check team’s transaction history (weekly, not monthly), even if team activities have ceased.
  • Regularly verify people who have account access.
  • Have a plan in place in case fraudulent activity is detected and regularly review that plan.
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We do not have any debit/credit cards associated with the team account. I make pretty much all the purchases, keep receipts, and get reimbursed. Checks are pretty much the only way money comes out of the account.

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All of our funds are controlled by the school. They give us a statement once a month and we reconcile it with our own records. Pretty simple, and we don’t have to worry about fraudulent charges, the school takes care of that for us.

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I read this in a way that made me smile.

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