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How closely do you look at who you do business with? If the answer is “not very,” you might be putting your business at risk.
According to the 2019-2020 Kraft Global Fraud and Risk Report, 28% of U.S. organizations were significantly affected by external fraud within the last year. And, of that number, 36% of fraud perpetrators were contractors or third parties, like vendors.
As businesses become more global and the networks of suppliers and vendors increase, stopping vendor fraud is becoming a serious priority. In fact, 69% of U.S. respondents in the Kraft Report labeled external fraud as a significant or high priority at their company.
The best way to prevent vendor fraud is to establish a list of fraud-prevention protocols, such as:
If you’re looking for more ways to protect your business against vendor fraud, Wintrust Community Banks also offer Positive Pay services through our Business Community Checking and Have-It-All® Business Checking accounts. These services allow your business to stay ahead of fraudulent checks and block unauthorized ACH debits.
Entrepreneur Checking account customers will need to upgrade their account in order to obtain fraud prevention services.