Rural Water - Quarter 3, 2008 - (Page 30)

Guarding Against Becoming a Victim of FRAUD BY JOSH SNYDER, TREASURY OFFICER COMMERCE BANK, MANHATTAN, KAN. ANY ORGANIZATION THAT accepts payments can be a victim of fraud. Employees, customers, vendors and others — virtually anyone who potentially has access to anyone’s fi nancial information — can perpetrate fraud. And it’s easier for them to obtain that information than one may think. The good news is there is much that can be done today to protect an organization from suffering a fi nancial loss or from having information stolen that can be used by identity thieves. Here are some of the most important ways to protect records and fi nances: Keep cancelled checks and bank statements under lock and key To some, they may seem like old records, collecting dust in a back room. But placed in the wrong hands, they look like solid gold. To protect both the system and customers from identify theft, old checks, bank statements and related materials should be kept locked away or appropriately destroyed. This includes old computers, hard drives, CD drives and floppies. Maintain separation of duties Separation of duties is perhaps the most fundamental rule of internal controls. It can also be one of the most difficult and costly to follow. Most people understand the basic idea: no individual should control more than one phase of a financial transaction or operation. In practical terms, 30 • Third Quarter 2008

Table of Contents for the Digital Edition of Rural Water - Quarter 3, 2008

Rural Water - Quarter 3, 2008
From the President
From Hypo to Gas - A Forward Leap
If You Lose All Your Data Today... Would You Still Be in Business Tomorrow?
Weaving the Wireless Web
Rural Water and the Farm Bill
Ensuring Your Water System's Security
Guarding Against Becoming a Victim of Fraud
10 Ways to Improve Utility Efficiency
New Technology
Making a Difference By Being Involved
Regulatory Update
Source Water Protection Corner
Throwing My Loop
Cub Scouts Visit Alliance of Indiana Rural Water's Spring Conference
Index to Advertisers
From the CEO

Rural Water - Quarter 3, 2008