At AccSys Solutions, we spend a lot of time thinking about how money moves through an organization – and how to keep that movement secure, predictable, and controlled.
One area worth revisiting is vendor banking change requests.
The Canadian Anti-Fraud Centre (CAFC) authority continues to report Business Email Compromise (BEC), sometimes referred to as payment redirection fraud, as one of the leading sources of fraud losses for businesses. In these situations, someone impersonates a legitimate vendor and requests updated banking information. If the change is processed without verification, the next payment may be redirected.
The good news is this: prevention comes down to process. A few consistent internal steps can significantly reduce risk.
Practical Controls to Reinforce
- Always call to confirm vendor banking changes: Use a known, previously verified phone number – not the one included in the email request.
- Add a second review for payee updates: Dual approval for banking changes or higher-value payments adds oversight where it matters most.
- Limit who can modify vendor details: Restrict access to payee information and review user permissions regularly.
- Pause on changes to established vendors: If something shifts in long-standing payment instructions, take a moment to verify before proceeding.
Strong internal controls – regardless of payment method – remain the most effective safeguard. Fraud prevention is ultimately about disciplined processes, not whether a payment is made digitally or by cheque.
Be Mindful of e-Transfer Fraud Too
If you receive an email message that reads something like: “You have received funds via Interac e-Transfer”, even if it looks 100% legitimate, be very cautious if it is for amounts or funds that you are not expecting and/or if the email is from an email address that isn’t Interac e-Transfer.
Protecting how money moves protects your cash flow, your vendor relationships, and your reputation.
If you’d like to review your workflow or talk through best practices, contact us. We’re here to help.