Please share some of your best practices for supplier payment banking account updates to prevent fraudlent changes. We are receiving a lot of emails, letters or phone calls about making updates to current suppliers banking accounts for EFT payments. Can you share some of your procedures or processes for making these updates to prevent fraud.
Only accept banking changes on a Banking Cnage Form your company provides, on the invoice, or on company letterhead. Never accept changes over the phone. If something seems suspicious, call the vendor to verify the request. Also, some companies send out a notification of change to the vendor anytime banking information is changed. You cannot be too careful!