Fraud in the Vendor File: How to Prevent It

Опубликовано: 28 Июнь 2022
на канале: AP Now

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Fraud through the vendor file. Most business professionals never think the weak master vendor file practices can facilitate fraud and thus don’t prevent it. Whether you call it the vendor file, the supplier file, the master vendor file or the vendor master file, the outcome is the same. #Fraud facilitated by poor practices related to the #mastervendorfile happens more frequently than you might imagine. These weak practices sometimes also enable duplicate #payments.

The issue of Fraud in the Vendor File and How to Prevent It is one that is frequently overlooked and thus Vendor file fraud is allowed to flourish. Frauds in the Vendor File happen everywhere if you don’t know how to Prevent Them. Learning how to detect vendor fraud is not difficult, especially with common vendor fraud schemes that are not overly sophisticated. Usually, fraud facilitated by weak master vendor file practices is a type of occupational fraud.

Link to Fraud Protection Roundtable Discussion
• AP Technology Week: Fraud Protection

Link to Password Stupidity
• A New Fraud: Password Stupidity [Like...

Master vendor file and fraud and be prevented by using master vendor file best practices and regularly reviewing changes made to the vendor file. The master vendor file function is often not given the attention it deserves, making the vendor master file prone to the mal intentions of fraudsters. The supplier file is used for making payments. Ideally, the master vendor file and separation of duties are strong. Changes to the master vendor file should be verified to prevent accounts payable fraud. The techniques used to prevent vendor file fraud will also put a damper on duplicate payments.

Host: Mary Schaeffer (www.ap-now.com)