Implement an internal control system to combat business email compromise that is more effective than the confirmation phone call alone.
Are you still receiving vendor information via email, fax, or hard copy? Then no security awareness training program or confirmation call will fully protect you from sending a fraudulent payment. Just ask cybercriminals who view Accounts Payable as a bank that has already sent them more than $43 Billion between 2016 and 2021. And it’s not slowing down. Accounts Payable is a special team that needs special processes to protect themselves, the vendor, and the company from payment fraud. You will learn an internal control system to avoid fraud when vendor remittance information is changed. Come away with a Fort Knox mindset and a process that is complete with the forms and scripts you need to implement today.
After this session participants will be able to:
- Implement up to 6 steps to avoid fraud when vendor remittance details are changed based on requests received via email, fax, or hardcopy
- Identify what validations are required to verify a vendor is real, their information is accurate, and in compliance with regulatory requirements
- Customize and use the included tools and templates to implement authentication techniques, internal controls, best practices and vendor validations to improve their current vendor process.
Includes 6 Tools & Templates So You Can Implement Immediately:
- Authentication Reference Template – Discover what it needs and how to use it to confirm you are communicating with your vendor and not a fraudster.
- Vendor Banking Form Template – Learn why you need it and what you need to include to verify your vendor (and not a fraudster) completed it
- Global Vendor Validation Reference List – Review vendor validation resources for 100+ Countries and determine which validations are required for your company
- Confirmation Phone Call Scripts Template – Discover what to say, what not to say, and how to verify you are confirming with your vendor and not the fraudster
- Confirmation Log Template – Document vendor confirmation attempts to not lose sight of pending confirmations
- Desktop Procedure Template – Vendor Inquiries / Help Desk – Document your process for handling vendor inquiries and requests complete with standardized scripts for FAQs
Trainer: Debra R. Richardson, MBA, CFE, APM, APPM, CPRS