New NACHA Rules, New Risks: Key Takeaways for Controllers Focused on Supplier Bank Verification
Based on a recent VendorInfo/Controllers Council webinar, this blog highlights how evolving ACH requirements are increasing risk and what controllers should do now to strengthen supplier bank verification and fraud controls.
AT Think Stop payment fraud before it starts
Without automated bank account verification, organizations are wide open to costly, damaging fraud schemes. implementing verification of bank account ownership into every payment process, AP departments can protect their organization’s money, reputation and vendor relationships.
Phony Bank Account Change Requests: A Growing Threat for Healthcare Finance Leaders Published in MedCity News
Healthcare AP and finance teams face a rising risk from fraudulent bank-account change requests that mimic legitimate supplier communications, making stronger verification practices essential.
What the Microsoft Hack Should Teach AP Leaders About Verifying Bank Account Changes Published in Cybersecurity Insiders
AP teams can learn from the Microsoft SharePoint breach that traditional manual methods of verifying supplier bank-account changes are no longer sufficient in the face of increasingly sophisticated fraud attempts.
Signs Your Organization Needs an Automated OFAC Checking Solution Published in PaymentsNEXT
Finance and compliance teams should consider automating OFAC sanctions screening when manual processes delay payments, burden staff and increase compliance risk in today’s fast-moving regulatory environment.
Streamlining Supplier Onboarding: The Power of Automated Bank Account Verification Published in Electronic Payments International
AP leaders can strengthen fraud defenses and speed onboarding by using automated bank account ownership verification to instantly validate supplier banking details and reduce reliance on slow, error-prone manual methods.
Under attack: How AP leaders can stop phony bank account change requests Published in Electronic Payments International
AP departments face rising payment fraud from fake supplier bank-account change requests — here’s how leaders can strengthen controls and protect their organizations.
VendorInfo: Knowledge Hub and Resource Center
Vendor Data management resources and tools available for download from the VendorInfo business resource library. VendorInfo’s knowledge hub has resources for CFOs, Accounts Payable Professionals and more.