Kency Duarte
Jun 30, 2025
Financial fraud is escalating, with cybercriminals employing sophisticated tactics, such as AI-driven deepfakes and synthetic identities, to exploit businesses’ security systems. These methods often bypass traditional fraud detection, posing significant risks to organizations.
For organizations in Oklahoma and beyond, this new era of risk calls for more than awareness. It requires proactive engagement, a strategic approach, and internal accountability.
The nature of financial fraud has evolved. It’s no longer just a matter of someone misusing a corporate card or submitting a false invoice. Today, fraudsters employ increasingly sophisticated schemes, including phishing emails disguised as internal communications, vendor impersonation scams, payroll diversion, and even deepfake technology to manipulate voice or video. Oklahoma businesses, particularly those in the small to mid-sized range, often don’t have layers of internal controls or a dedicated fraud prevention team, which makes them more vulnerable. But in our work with organizations across the state, we’ve seen how practical, proactive steps can make a meaningful difference.
The first area to focus on is internal controls. Many organizations still rely on outdated processes that leave too much room for error or manipulation. Sometimes, it’s as simple as separating duties by ensuring the person who reconciles the bank statement isn’t the same person authorizing payments. In other cases, it’s about educating teams on what fraud looks like today. Not every fraudster works in the shadows. Sometimes, it’s someone within the organization, trusted and familiar, exploiting gaps for personal gain.
We also encourage businesses to leverage their existing data. Regularly analyzing transactions, vendor relationships, and employee behavior trends can often uncover inconsistencies or red flags early. There’s also immense value in building a relationship with your external advisors—whether it’s a CPA, auditor, or legal counsel—who can provide an objective lens on your processes.
In our work with Oklahoma businesses, we’ve seen how resource constraints can be a barrier to implementing new fraud prevention measures. But investing in a fraud-resistant environment doesn’t always require large budgets. It’s about being strategic. For example, using built-in controls in accounting software, such as approval workflows or audit logs, can significantly reduce exposure. Likewise, requiring dual approval for wire transfers or vendor changes adds another layer of protection without much added complexity.
Most importantly, fraud prevention isn’t a one-time fix; it’s a mindset. It’s about fostering a workplace culture where transparency and accountability are valued, and where raising a concern is seen as a strength, not a threat. It also means regularly reviewing your systems, especially when your business scales or undergoes leadership changes.
The digital age has opened new doors for growth, but it’s also introduced new vulnerabilities. Businesses that take the time to understand the evolving landscape of financial fraud and commit to building the proper infrastructure, culturally and operationally, will not only protect themselves but also strengthen the trust of those they serve.