We wanted to share a quick best practice to help protect your business from one of the most common types of payment fraud: changes to banking details that haven’t been verified.
Fraudsters are getting more sophisticated—and often, all it takes is a convincing email to trick someone into sending payments to the wrong account. That’s why it’s so important to slow down and confirm.
Here’s what Telpay payments recommends: Always confirm banking details directly
If you receive a request to update a payee’s bank account, be sure to contact them using a known, trusted phone number or email—not the contact information in the request—to confirm the change is legitimate. A quick call can save you from a costly mistake.
What to ask your team “Have we spoken directly to the payee to confirm this change?” Adding this one question to your process goes a long way in preventing fraud.
Tips: Build it into your internal process
- Require a second person to review and approve banking changes
- Keep a record of who confirmed the update and how
- Communicate this policy with everyone who handles payments
We’re here to support you in keeping your payments secure. If you have any questions, just reach out—we’re happy to help.
Telpay offers secure and efficient electronic payment solutions for Canadian businesses. AccSys Solutions recommends Telpay to our clients, and have been users ourselves for many years.
Photo by Farhat Altaf on Unsplash