US government releases white paper on procurement fraud prevention

The US Government has released a new white paper, ‘Procurement Management – Fraud Prevention Measures in Government Purchases Evaluated’.

The paper identifies pre-purchase, post-purchase and long-term policy refinement opportunities for organisations evaluating purchase policies.

While commercial payments continue to stray from the paper-based procurement process to more efficient electronic payment vehicles, fraudsters show their relentlessness.

According to the 2010 Payments Fraud and Control Survey, 73 per cent of organisations experienced some form of attempted or actual payment fraud in 2009. These results illustrate the importance of thoughtful fraud prevention tactics to reinforce the cost-savings achieved through electronic payment vehicles.

A new white paper utilizes the US Government’s adoption and implementation of the P-card as a case study in mitigating fraud, waste and abuse in the procurement function.

The paper consolidates the results of several audits conducted by the Government Accountability Office (GAO) that illustrate common opportunities for fraud, waste and abuse in the early adoption stage. It also references GAO recommendations, resulting actions and studies of fraud prevention measures that were taken to identify pre-purchase, post-purchase and long-term policy refinement opportunities for organizations implementing or evaluating their existing purchase policies.

The paper was published by Multi Service, a transaction management company specializing in closed-loop billing and payment systems. It is available for download at multiservice.com/thoughtleadership.

Read more here.