Unauthorised use of business credit and charge cards is an area prone for fraud. The individuals who commit the crimes are normally those in charge of approving and processing these transactions. Where there is a lack of supervision and controls, scope for fraud increases. Businesses are recommended to:

1. Set policies for credit card usage to cover fraud detection training;
2. Log all card holders and their credit limits;
3. Prohibit cash advances and unauthorised items (personal, alcohol etc.);
4. Specify disciplinary procedures;
5. Require receipts for all purchases.

What questions about fraud prevention do you have? Feel free to contact Paul on +353 (0) 1 677 9000 or by email for a complimentary confidential consultation. Paul Leonard is a Partner at Cooney Carey. Paul has 20+ years of experience working as a business adviser and his areas of expertise are: audit, forensic accountant in investigations and a range of legal cases including family law matters, bank negotiations, business re-structuring, company valuations and dispute resolution. His qualifications include being a Fellow of the Institute of Chartered Accountants in Ireland, a Chartered Management Consultant, a qualified Forensic Accountant and an Accredited Mediator.