10/16/2023

Help Your Vendors Safeguard Your Company from Cybercrime

Las Vegas Review-Journal

When it comes to phishing, scams and other types of fraud, bad actors play their villainous roles to near-perfection, and too often, they get a fat paycheck for your trouble. One of the lesser-known avenues for a cyberattack is through what most companies consider trusted allies: the vendors they do business with. 

Creating a comprehensive vendor management program and keeping it current can help safeguard against these dangerous and costly attacks. By working closely with vendors and trusted banking advisors, you can create a solid first line of defense to stop fraud before schemes take hold.

Verification is the unifying factor.

Those at the highest risk of being defrauded often believe they’re safe. Vendors may not know they’re opening the door to scammers. But opportunistic thieves look for vulnerabilities, then patiently wait until they can attack. 

A commonly known crime some criminals use is check-washing, removing and altering information from a paper payment. The modern version of this scheme involves recreating checks intended for the vendors, using the same dollar amount and serial numbers, but having the check payable to the fraudsters themselves. Enrolling in Payee Positive Pay¹ may offer a solid way to mitigate all types of check fraud. With this tool, companies provide the bank with a lis

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