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[On-Demand Webinar] Tips, Trends And Tools For Secure AP
Not long ago, our CFO received an email supposedly from our CEO, BC Krishna. An urgent wire needed to be made to a vendor and the details would be explained later. Our CFO emailed back and asked for the vendor details. With the necessary information, payment was initiated. Due to segregation of duties and dual authorization rules within MinearlTree, the real BC received a notification to approve the payment and realized something was going on.
This story is not unique to MineralTree. Every day we hear of companies being put in similar situations. Unfortunately, they usually don’t have the proper controls in place to prevent the payment from actually being issued. In a recent webinar titled Tips, Trends, and Tools for Secure AP, MineralTree CEO, BC Krishna, talked about our experience with CEO fraud, the risks associated to Accounts Payable, why fraud works, and how AP Automation can help.
With the motto of ‘security is not an add-on,’ Krishna dived into the true risks associated to Accounts Payable. While many businesses feel it could never happen to them, the risks are easy to find. Fake invoices. Fake vendors. Check fraud. Account take over schemes. Misplaced employee trust. The list goes on and on. And, if you think that by being the CEO or CFO you are safe, you are most definitely wrong.
What are some approaches to secure AP? For starters, AP Automation will help by standardizing processes and controls, automating payment disbursement, and enabling two-factor authentication. Interested in learning more? Request a demo.
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