Putting the AP in hAPpy artwork

Episode 248: Replay! Vendor Banking Update? Why Calling the Vendor is Not Enough for Fraud Prevention

Putting the AP in hAPpy

English - July 27, 2023 10:00 - 15 minutes - 10.5 MB - ★★★★★ - 7 ratings
Arts Business Careers accounts payable vendor setup accounting fraud phishing supplier setup supplier onboarding vendor onboarding debra r richardson debra richardson Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Previous Episode: Episode 247: Start These Two IRS Activities Now to Prepare for the 2023 Tax Year
Next Episode: Episode 249: Are You Performing Too Many Vendor Validations Too Often?

My power is out! Enjoy the replay of this always timely subject. 

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?

Keep Listening. 
 

Check out my website www.debrarrichardson.com if you need help implementing authentication techniques, internal controls, and best practices to prevent fraudulent payments, regulatory fines or bad vendor data. Check out my new Vendor Process Training Center for 149+ hours of weekly live and on-demand training for the Vendor team. 


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 + other helpful resources:    

Vendor Bank Account Ownership Validation Resources:  www.debrarrichardson.com/vendor-validation-download Debra R Richardson LLC:  20 Tips in 20 Minutes WebinarsDebra R Richardson LLC:  How to Get Started to Remove Gaps in Your Vendor Process (scroll down on page)Vendor Validation Reference List with Resources Links: www.debrarrichardson.com/vendor-validation-download (Get 25% Discount on the Global Vendor Registration Numbers)Vendor Master File Clean-Up:  https://www.debrarrichardson.com/cleanupYouTube Channel:  https://www.youtube.com/channel/UCqeoffeQu3pSXMV8fUIGNiw More Podcasts/Blogs/Webinars www.debrarrichardson.comMore ideas?  Email me at [email protected] Music Credit:  www.purple-planet.com