Following the unfortunate news about Silicon Valley Bank (SVB) and Signature Bank’s shutdown, we want to provide some information as to how this may affect you – even if you do not bank at either of these banks. 

Prime opportunity for scams – The recent collapse of these banks means some companies are moving to a new bank and sending notices of updated bank account information to their customers, suppliers, and vendors.

This creates an opportunity for scammers to send emails that look exactly like legitimate notices, but the bank account belongs to the scammer. Their victims pay invoices, but the money goes into the scammer’s bank accounts instead of the vendors’. Victims won’t notice anything is wrong until the vendor sends a delinquency notice. By then, the scammers, and the money, are long gone.

How do I protect myself against these scams? Companies may receive emails with notice to change the accounts used to pay vendors:

• Do not click any links in the email.
• Do not reply to the email.
• Do not call any telephone number provided in the email.
• Ensure all appropriate employees (finance teams, executives, founders, etc.) are aware of this potential. 

Instead:

• Navigate to the company’s website directly (not through email link) – log in and check for secure messages or notifications about account changes.
• Look up the company’s phone number from a legitimate source, such as the company’s website. Call the company to ask if the request is authentic.

If you believe you may have already sent a payment to a scammer, contact your bank immediately and stay diligent.

The basic advantage of an automated time-and-attendance system—whether based on time clocks, computer logins, badge readers, or other kinds of equipment—is that it pumps attendance and hours data directly from the collection points into your company’s payroll system.

These automated systems can eliminate the errors that often occur during the process of translating hours data from time sheets or time cards to your company’s payroll system.

Another benefit to automated systems is the convenient access to data they afford supervisors, so they can review and adjust it before each payroll is processed. Supervisors, employees, and the payroll department will each see a benefit in using automated systems:

• Payroll doesn’t have to cut as many corrected paychecks or carry adjustments over to the next payroll period.

• Supervisors have a better chance of getting to the root of any data problem.

• Employees have more confidence their paychecks accurately reflect all the time they worked.

Many employers have found that time and attendance technology can curb what’s known as time abuse. For hourly employees, this includes clocking in before work is available, clocking in for absent or late co-workers, or logging unauthorized overtime hours.

Note: If employees work unauthorized overtime, they must be paid for the time worked. However, employees can be disciplined for not obtaining prior authorization to work the overtime.

For salaried employees who are exempt from the Fair Labor Standards Act’s minimum wage and overtime requirements, time abuse includes arriving late, leaving early, or taking long lunches. Your company can’t dock salaried, FLSA-exempt employees for such partial-day absences. However, it can boost employee productivity with new technology that tracks their time based, for example, on how and when they use their computers.

Besides increasing overtime compliance and reducing employee time abuse, these systems also can help your company budget and manage employees more effectively. For example, these systems can generate overtime data that show whether overtime costs are manageable, or whether the company would be better off adding more staff instead. Data also can be used to see how much time various departments or employees devote to projects or clients, which in turn can help with budgets and billing.

Nov 13-19, 2022 is International Fraud Awareness Week.

What is Fraud Week? International Fraud Awareness Week, or Fraud Week, was established by the Association of Certified Fraud Examiners (ACFE) in 2020 as a dedicated time to raise awareness about fraud. The week-long campaign encourages everyone to proactively take steps to maximize the impact of fraud by promoting anti-fraud awareness and education.
International Fraud Awareness Week (fraudweek.com)