Putting the AP in Happy.JPG
 

Are Your Vendors Real?

3 Step Vendor Setup & Maintenance Process

  1. Authentication  - Techniques to confirm the data you received for the Vendor Master File is not fraudulent. 

  2. Validation - Confirmation that the vendors entered into your Vendor Master File are real. 

  3. Management - To maintain your clean Vendor Master File by performing periodic maintenance on existing vendors.


Even though nobody likes extra meetings, 77 percent of surveyed employees stated that specific and consistent cybersecurity training helped them feel a greater sense of ownership over the company and its processes and assets.
— https://staysafeonline.org/blog/6-overlooked-cyber-risks/
Phishing and spear phishing are well-worn tactics for stealing users’ credentials and other sensitive information, and that’s because they are very effective.
— https://www.cisco.com/c/en/us/products/security/security-reports.html

Empowering Accounts Payable Teams To Protect the Vendor Master File From Fraud

Your company’s IT resources have controls in place to protect your systems, but who trains your vendor team to authenticate requests and spot fraud attempts? Today’s fraudsters are targeting your vendor team to release vendor sensitive data using phishing and other social engineering schemes through voice and email.

  • Fill the gap by providing training for you and your team members to reduce the potential for fraud.

  • Implement internal controls and authentication techniques to protect you and your team members from adding fraudulent vendors or updating existing vendors with fraudulent data in your vendor master file.

  • Apply a vendor setup and maintenance process that authenticates, validates and manages your vendor master file for valid active vendors.

#StayhAPpy. Protect the Vendor Master File from Fraud. Keep the Vendor Master File Clean.

Internal controls + best practices protect the vendor master file from fraud.

Is Your Company at Risk? Take the quiz >     Click here     .

Is Your Company at Risk? Take the quiz > Click here.

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