When it comes to the vendor and buyer and who is responsible when there is a fraudulent payment can depend on the country. Here is what happened in another court case….

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Check out my website www.debrarrichardson.com if you need help implementing authentication techniques, internal controls, and best practices to prevent fraudulent payments, regulatory fines or bad vendor data. Check out the Vendor Process Training Center for 116+ hours of weekly live and on-demand training for the Vendor team.

Links mentioned in the podcast + other helpful resources:

• Article: EFT payments and cybercrime: Court says car buyer is liable to ensure money is paid into the correct account
• Authentication Free Training Section: 3 Step Vendor Setup & Maintenance Process Workshop
• Vendor Banking Form Template: https://debrarrichardson.com/store/vendor-banking-form-template
• Customized Vendor Validations Session: https://debrarrichardson.com/vendor-validation-session
• Vendor Process Training Center - https://training.debrarrichardson.com
• Customized Fraud Training: https://training.debrarrichardson.com/customized-fraud-training
• Free Live and On-Demand Webinars: https://training.debrarrichardson.com/webinars
• Vendor Master File Clean-Up: https://www.debrarrichardson.com/cleanup
• YouTube Channel: https://www.youtube.com/channel/UCqeoffeQu3pSXMV8fUIGNiw
• More Podcasts/Blogs/Webinars www.debrarrichardson.com
• More ideas? Email me at debra@debrarrichardson.com
• Music Credit: www.purple-planet.com

There is a common scenario for those Accounts Payable or Vendor teams that can do bank account ownership validations when setting up or changing vendor data: many vendors have legitimate reasons why their bank account holder names do not match their legal name. So, how are you supposed to know whether this is legitimate or fraudulent?

Keep listening.

Check out my website www.debrarrichardson.com if you need help implementing authentication techniques, internal controls, and best practices to prevent fraudulent payments, regulatory fines or bad vendor data. Check out the Vendor Process Training Center for 116+ hours of weekly live and on-demand training for the Vendor team.

Links mentioned in the podcast + other helpful resources:

• AVM: 3-Step Vendor Setup and Maintenance Framework to Avoid Fraud, Fines and Bad Vendor Data: https://youtu.be/prvHJ6_Rf58
• D&B Business Directory: https://www.dnb.com
• OpenCorporates: https://opencorporates.com/
• SEC > EDGAR Database: https://www.sec.gov/edgar/search/#/entityName=USERFUL%2520CORPORATION
• State Registration Sites: Vendor Process Training Center > Resource Library
• Customized Vendor Validations Session: https://debrarrichardson.com/vendor-validation-session
• Vendor Process Training Center - https://training.debrarrichardson.com
• Customized Fraud Training: https://training.debrarrichardson.com/customized-fraud-training
• Free Live and On-Demand Webinars: https://training.debrarrichardson.com/webinars
• Vendor Master File Clean-Up: https://www.debrarrichardson.com/cleanup
• YouTube Channel: https://www.youtube.com/channel/UCqeoffeQu3pSXMV8fUIGNiw
• More Podcasts/Blogs/Webinars www.debrarrichardson.com
• More ideas? Email me at debra@debrarrichardson.com
• Music Credit: www.purple-planet.com

You may be listening to this podcast to find out what your vendors are doing, but guess what? Your vendors are reaching out to me to understand what you are doing! If you want to know the top 2 reasons vendors reach out to me about you (and what you can do to avoid this), then…

Keep listening.

Check out my website www.debrarrichardson.com if you need help implementing authentication techniques, internal controls, and best practices to prevent fraudulent payments, regulatory fines or bad vendor data. Check out the Vendor Process Training Center for 116+ hours of weekly live and on-demand training for the Vendor team.

Links mentioned in the podcast + other helpful resources:

• IRS W-9 Examples by Tax Classification - What To Look For When Accepting From Your Vendor: https://training.debrarrichardson.com/course/w9
• Do IRS Form W-9s Expire? When Should You Collect a New One? https://debrarrichardson.com/blog/do-irs-form-w-9s-expire-when-should-you-collect-a-new-one?rq=expire
• Do You Need to Collect the California 587 or 590 Forms When Setting Up New Vendors? https://debrarrichardson.com/blog/do-you-need-to-collect-the-california-587-or-590-forms-when-setting-up-new-vendors?rq=587
• Customized Vendor Validations Session: https://debrarrichardson.com/vendor-validation-session
• Vendor Process Training Center - https://training.debrarrichardson.com
• Customized Fraud Training: https://training.debrarrichardson.com/customized-fraud-training
• Free Live and On-Demand Webinars: https://training.debrarrichardson.com/webinars
• Vendor Master File Clean-Up: https://www.debrarrichardson.com/cleanup
• YouTube Channel: https://www.youtube.com/channel/UCqeoffeQu3pSXMV8fUIGNiw
• More Podcasts/Blogs/Webinars www.debrarrichardson.com
• More ideas? Email me at debra@debrarrichardson.com
• Music Credit: www.purple-planet.com