Vendor information management specialists have heard it before. Strong passwords are vital to security. Their value cannot be overstated. Passwords are gatekeepers to our online identities, financial information, and processes, and they are the first defense against cyber threats. Understanding how to create a robust password is essential for anyone navigating the internet. Yet, cybersecurity…
Bank account verification is a crucial security measure for any organization engaging in business-to-business (B2B) commerce. By ensuring the legitimacy of bank account details before processing payments, companies can protect themselves against fraud, maintain regulatory compliance, and foster trusting relationships with other businesses. This article will outline the best practices for vendor bank account verification. Standardize…
Ensuring the security and accuracy of financial operations is paramount in business-to-business (B2B) commerce. One critical aspect of financial security is understanding and executing bank account ownership verification, which has garnered increasing attention in accounts payable departments across industries. This article aims to define bank account verification in a B2B context and explore why it…
Are you required to change your password every quarter? Do you have to include special characters in your passwords? It is annoying but also easy to update your password, right? Just add a “1” at the end of it. Then, next month or quarter, change the “1” to a “2,” and so on. Unfortunately, such cleverness…
How do you collect your vendors’ W-9 information? What about bank information for ACH payments? Here is an instruction that one organization includes on its ACH Enrollment Form on which the vendor is asked for their bank account information. It’s common: “Please email the completed form along with a copy of a VOIDED CHECK to: … ”…
An Association of Financial Professionals (AFP) survey on payment fraud shows 80 percent of organizations experienced attempted or actual payment fraud in 2022. Payment fraud remains at that high level, having jumped up in 2015 to 73 percent of organizations and subsequently rising further. What are the targets? Checks are targeted at 75 percent of…
Most companies have vendors to whom a payment will be made only once. When these payments flow through the Accounting System or ERP, Accounts Payable must determine how to set up these vendors. Setting up a vendor in the vendor master file for a one-time payment could risk duplicate payments, fraud, or bad vendor record…
Fraud Prevention You receive a request to change remittance information from the vendor. Is that really the vendor? Combat business email compromise, deepfakes, and other fraud tactics by creating a reference to authenticate incoming email and telephone requests – especially if you are still working remotely. Click here to view or download slides. Click below…