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…
Criminals are compromising emails to steal money from businesses, governments and institutions. Any organization can be a target: businesses of any size, health care organizations, education, and local and state governments. Recent headline cases include Ubiquiti Networks, Toyota Boshoku Corporation, and Scoular Company. And the U.S. territory Puerto Rico offers a classic vendor email compromise…
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…
Criminals are using common technologies to commit fraud, employing social engineering to fool AP staff into paying them. Fraudsters employ phishing, vishing, smishing and more in business email compromise to gain access to organizations’ cash. Forewarned is forearmed. Learn how to combat cyber-fraudsters. Click here to view or download presentation slides.