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Change of Bank Account Requests: The Best Practice Approach addresses a serious problem impacting all businesses. The change of bank account requests are sometimes phony and if the accounts payable best practice for ascertaining the veracity of the request is not used, big financial losses and occur. In this new fraud change of bank account requests are coming primarily through email. Criminals are really smart about using email for the purposes of diverting payments – and make no mistake about it, this is a devastating fraud, primarily targeting accounts payable. Link to Can You Find the Phony eMail address: https://youtu.be/8IkeqkkQ2Do This type of business email compromise fraud is sometimes referred to as man in email fraud, as the criminal manages to insert him or herself into the middle of a legitimate conversation. It is similar to rush wire request fraud. Asking what is wire fraud now has to be further clarified because rush wire request fraud is very different from wire frauds of earlier times. Another type of this malicious fraud is the phony request for payroll information from the CEO or other high-level executive. This is Accounts Payable Sound Bite #47 The Change of Bank Account Requests frauds have been running rampant across the business landscape. Everyone is advised to follow the Best Practice Approach described in the sound bite. These fraudulent Change of Bank Account Requests are showing no signs of going away, hence using the recommended accounts payable best practice is critical. The change of bank account request is really an attempt to divert payments and is fraud, but one where it is difficult to recover what is lost. Learn more about AP Now at: www.ap-now.com Sign up for AP Now’s twice a week, free ezine at www.ap-now.com