Financial Controls

14th September 2015

Pay Suppliers Electronically: Beware fraudsters.
Do you hold your suppliers bank details on file – one tactic recently used by fraudsters is to advise businesses of changes to a supplier’s bank details, they then wait until a genuine purchase invoice is paid. Unfortunately because the supplier’s bank details are compromised, the payment goes to the fraudster.

To protect against this there needs to be robust internal control routines for changing bank details, perhaps including a phone call to the suppliers using an independently obtained telephone number.



 
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