All 22 Vendor Management questions
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Accounts Payable & Receivable › Vendor Management

Why are controls over vendor bank-detail changes so important?

Intermediate

Answer

Changing a vendor's bank details is a prime target for fraud (business email compromise): a fraudster poses as a supplier and requests a new account. Controls include independent verification via a known phone number (call-back), dual approval of master changes, logging who changed what, and never using contact details from the change request itself.
Real-world example An emailed request to change a supplier's bank account is verified by calling the supplier's known number, exposing a fraud attempt.

Common follow-ups: What is business email compromise? | Why not trust contact details in the request?

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All 22 Vendor Management questions