CPA NOW: AP Fraud Prevention During a Crisis

It’s time for accounts payable teams to be on high alert, says Danny Thompson, VP of apexanalytix. With normal business routines disrupted by COVID-19 and many vital employees out of the office, cybercriminals are seizing on the opportunity. These bad actors are launching scams designed to divert legitimate supplier payments into fraudulent bank accounts.

In an article authored for the journal CPA Now, Thompson says companies using fully automated controls greatly reduce the risks associated with payment fraud. One example is auto-validation of bank account ownership.

“Automated validation confirms in real time that the legal name and business entity type on the bank account matches the supplier record in the buying organization’s system,” Thompson says.