Cleaning your vendor master file is an ongoing and vital project to avoid errors, payment delays, regulatory violations and fraud. Part I and Part II of this series outlined the first five steps of a thorough plan. Here in Part III are the final recommended steps. Steps six through nine include sanction list reviews, bank … 9 Steps to Cleaning the Vendor Master File – Part III
Vendor masters are not static files. New vendors are added regularly. Old vendors need to be inactivated. And vendors send change requests for contacts, address and bank account information. The vendor master file (VMF) is a lot to keep up. And many organizations do not keep it up regularly. Vendor files need cleansing. There are … 9 Steps to Cleaning the Vendor Master File – Part I
Bank account verification (BAV), defined here, is essential control to protect organizations from unauthorized access to their funds, avoid costly payment mistakes and fraud, and enhance business relationships and the overall security of financial systems. BAV is crucial for businesses for several reasons: Fraud prevention: Verifying bank account ownership helps organizations avoid fraudulent activities, such … Why Bank Account Verification Is Important
What Is Bank Account Verification? Bank account verification is the process of confirming the authenticity of bank account information. That includes ownership as well as account and bank routing numbers. The primary purpose of bank account verification is to prevent fraudulent activities such as identity theft, money laundering, and unauthorized access to funds. By verifying … Bank Account Verification Defined
Criminals are compromising emails to steal money from businesses, governments and institutions. Any organization can be a target: businesses of any size as well as 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 … A Classic Case of Vendor Email Compromise
Organizations are under siege by bad actors across the globe who are determined to rip them off. But new software that verifies the ownership of a bank account can help businesses mitigate their risk. Threats to information security top the list of operations risk, a new survey by Risk.com finds. Cyber risk – in one … How to Mitigate Cyber Risk with Bank Account Validation
Who would violate OFAC sanctions? Few intentionally. Perhaps a company already doing business with a foreign company before a sanction is put in place. Or just a company without an adequate program to review sanction lists regularly, whether against vendors or customers. (And maybe there are a very few too anxious to grow business in … A Cautionary Tale of OFAC Violations and Mitigations
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 … Don’t Skimp on Annoying Password Rules
The Challenge of Verifying Supplier Information Managing supplier information has never been easy. Small slipups in collecting, verifying and storing supplier information increase errors, non-compliance and fraud vulnerability. The prolonged shift to remote work has made verifying supplier information harder and riskier. Bad actors are using the disruption caused by remote working to perpetrate payment … How to Reduce the Risk of Payment Fraud through the Automatic Verification of Bank Account Ownership
Appearances and Vendor Payments One of the most iconic scenes in a Hollywood heist movie comes near the end of Ocean’s Eleven. The “team” minus Danny Ocean lean against the balustrade in front of the Bellagio on the Las Vegas strip, quietly gazing at the fountains as Debussy’s beautiful Claire de Lune plays. Then one … Falling for the Illusion of Cybercriminals Will Cost You
ACH has steadily grown, while check payments are declining. Seventy-eight percent of organizations use ACH for some vendor payments. And while 82 percent of organizations still make some payments by check, according to a survey by the Association for Financial Professionals (AFP), the volume of checks by businesses has been steadily declining. According to the Federal … ACH Rising: What It Means for Vendor Information Management
With the pandemic-driven shift to remote work, many organizations moved more check payments to electronic formats, primarily ACH. That has necessitated vendors providing organizations with bank account information. Criminals, of course, go where the money is. And in the hasty shift to more electronic payments and, therefore, more vendors sharing bank account information, many organizations … Two Controls to Protect Vendor Bank Account Information
