Vendor Banking Update? Why Calling the Vendor is Not Enough for Fraud Prevention

June 10, 2019

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It’s common practice for Accounts Payable (AP) Vendor Maintenance to call the vendor when there is a change requested to the vendor’s bank account.  There is no shortage of fraud being reported, for AP teams not to know that additional validation protects companies from making fraudulent payments.  The question is: Are AP teams driving up volume of required vendor confirmations by not adding additional authentication processes because the vendor will be called to confirm the change anyway?

Check out my website if you need help cleaning your vendor master file or implementing authentication, internal controls and best practices to it from fraud.  

Subscribe today to be entered in the subscriber only monthly drawing to win a free Putting the AP in hAPpy Coffee Mug.   

 Links mentioned in the Podcast:   

More ideas?  Email me at [email protected]

Music Credit:  www.purple-planet.com 

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Featured Speaker: 

debra-richardson.jpg Debra R Richardson, MBA, APM, CPRS
Owner, Debra R Richardson, LLC
President, Oklahoma Central Region IOFM Chapter
Accounts Payable Speaker | Consultant | Trainer
www.debrarrichardson.com | [email protected]

Debra-R-Richardson-logo.pngDebra is an accounts payable speaker, consultant, and trainer with over 20 years of experience in AP, AR, general ledger, and financial reporting for Fortune 500 companies including Verizon, General Motors and Aramark.

For the past eight years, Debra has focused on Global Vendor Maintenance, and implemented a vendor self-registration portal for 140k+ global vendors across five ERPs. In her consultancy, she focuses on internal controls and authentication to prevent fraud in the vendor master file.

Debra now focuses on protecting the vendor master file from fraud.

She hosts a weekly podcast: “Putting the AP in hAPpy”.

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