While it is true that fraudsters target Accounts Payable and Vendor teams because they know who controls remittance details for payments and who processes invoices that trigger those payments, it is also true that vendor management and payment function activities can cross departments. Procurement works with vendors during the initial sourcing and thus have an ongoing relationship as they navigate purchase activities that can be leveraged internally to prevent fraud, or externally to result in fraud. Treasury, who can also responsible for payment activities, may also store vendor remittance details that need to be updated and secured. IT may need to get involved with initiatives between the teams and within accounting systems and interconnected platforms to implement secure transfer of vendor data used by these teams, while keeping all systems secure.

Learning Objectives:

• What is considered sensitive vendor data that can lead to payment fraud
• What fraud prevention methods can be implemented when there is a need for the same vendor data across departments
• What recent and upcoming Nacha ACH rules affect vendor data storage, transfer of data and fraud monitoring that involves your IT, Treasury and maybe even your Procurement teams.
• When to implement the fraud prevention methods of least privileged access versus masking that to secure your vendor sensitive data
• Best practices to share and transfer vendor data between departments to ensure vendor data is up-to-date in each departments’ systems