Do you start adding up your retirement points every time you hear about a school district or other government was duped into wiring a six or seven digit sum to the wrong account and never to be seen again?
As everything in our transactional world becomes digitized and instantaneous, you have to stop and thoughtfully analyze whether your controls over electronic payments have kept up with the pace with the blinding pace of change in banking. While the days of printing checks haven’t left us (yet!), the use of electronic payment methods is on the rise. Every day bad actors, both internal and external, are looking for the big pay day by exploiting organizations with nonexistent or ineffective controls.
Consider these controls and points to ponder in order to reduce the likelihood or magnitude of electronic payment fraud (or mistakes):