Do you have a process for adding or changing supplier’s bank account information? 

One of the latest tricks by scammers is intercepting an invoice and changing the bank account details to their own. The invoice will look legitimate so the payer just assumes that the company has updated their bank account details and so they pay the invoice to the new bank account. Only later do they find out that they’ve paid it to the scammer’s bank account. If you don’t have an internal process in place to confirm a supplier’s change of bank account details, you may be unwittingly leaving yourself open to be scammed even big organisations get caught out by this! 

A simple way to help prevent this is to create an extra verification step in your internal process when approving new suppliers and/or changing bank accounts from existing suppliers. This could be requiring verbal confirmation from the company or prior notice that the bank account is changing.  If a bank account has been changed and you weren’t already aware that was happening, then get it verified before making that payment.