What’s Worse than a Bad Impersonator?

What’s Worse than a Bad Impersonator?

A Good Impersonator!

Who’s your favorite impressionist? Kate McKinnon? Angela Hoover? Jim Meskimen? Impressionists, also known as impersonators or mimics, make us laugh with their uncanny imitation of famous politicians and celebrities. Dana Carvey’s long-ago take on GHW Bush was classic (“start with a little Mr. Rogers and add John Wayne”), and his Jimmy Stewart was brilliant!

Some impersonators are not funny, however. They are criminals that impersonate vendors. As IT departments have hardened their perimeters and companies are increasingly alert to internal business email compromise (BEC), sophisticated threat actors have shifted tactics. According to Abnormal Security, a cybersecurity company, by May 2022, 52 percent of all BEC attacks are now external, surpassing internal impersonations.

Vendor Email Compromise

Internal impersonations are those emails that appear to be from the company CFO or CEO urgently requesting accounts payable to pay a vendor. Those types of “social engineering” attacks, which play on human emotions, are common. But just as likely now, cybercriminals will approach a company externally in the guise of a legitimate vendor.

This “financial supply chain compromise” is a subset of BEC. Also called vendor email compromise or VEC, it is often more sophisticated. Criminals work diligently and patiently, first to breach a vendor, then to gather information on the vendor’s customer relationships, communication and supply cycles.

They do this unnoticed by the vendor, who is not the target but the cover. Eventually, cybercriminals will launch communications to customers in the guise of the vendor. It is extremely tough for a company to detect such attacks because they come from legitimate but compromised vendor accounts. And the emails follow expected vendor patterns of communication and timing.

The aim, of course, is to get accounts payable to send money their way. So, for example, they may send an urgent invoice with payment instructions. Or they might request a change to their bank account information, biding their time to the next payment.

How to Beat the Impersonators

Never has it been more critical to have and follow internal controls and good security practices regarding vendor information and communications. It is too easy for the imposter to impersonate a vendor via email.

It’s easier than a couple of generations ago when the infamous Frank Abagnale used model airplane decals to create false credentials and checks. In the digital age, making an email look exactly like one from Microsoft, or any of your vendors, takes just minutes—just some cut-and-paste and a bit of formatting.

Regarding business email, the new motto must be: “Distrust and verify.” It’s essential to develop guarded email habits. Look carefully at the sender of an email. Do you know the sender? Is the address legitimate, and if you hover your cursor over the address, is it the same as it appears?

Beware misspellings and grammar mistakes, though be aware that some cybercriminals have good writing skills. Hover over any link to examine the embedded URL, and do not click email links. Beware attachments. Never click “verify your account” or “login” links in an email. Forward any suspicious emails to your IT security.

Many companies are implementing automated help. For example, many systems now flag all emails that originate outside the organization. Of course, many of those are legitimate, but it reminds users to be on guard.

The One Thing AP Must Do

Cautious email practices are essential. But specifically, concerning vendor email compromise, accounts payable can avoid falling victim. The vital controls here are around vendor bank account verification. First, verify all new vendor bank accounts: account ownership, routing and account numbers. A bank account verification solution can make this easy.

Then never change the vendor’s banking information without independently verifying the change request. For example, when a vendor sends an email with new account information for electronic payments, contact the vendor independently from the email request. In other words, go to the vendor file to find the appropriate contact of record and call them directly or again, use a bank account verification solution to confirm.

By following that safeguard consistently, accounts payable can catch a fraudulent change request. Skipping that control risks your organization paying the criminal instead of your vendor. Don’t reward a “good” impersonator. Instead, stay skeptical, and follow your rules. They’re best practices for a reason.

And to find out how VendorInfo can help you with vendor bank account verification, contact us.

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Stop Calls and Emails, Enhance
Service and Increase Profit!

InvoiceInfo saves labor hours and cost by helping suppliers and internal staff easily and instantly get answers online to their invoice-payment questions.

If you are like many finance leaders today, you are being challenged to reduce costs more quickly. InvoiceInfo delivers real bottom-line results almost immediately, allowing you to deploy your customer service staff to focus on more productive, bottom-line oriented tasks.

Let us show you how InvoiceInfo's vendor self-service portal can help your organization eliminate invoice inquiry emails and calls while enhancing service to your accounts payable customers.


Get Up and Running Quickly and Seamlessly

InvoiceInfo and VendorInfo are standalone applications that can be up and running in as little as two weeks, with little or no IT resources required.

The faster your online portal is up and running, the sooner you will start reaping the benefits. InvoiceInfo and VendorInfo are dedicated solely to helping AP and procurement departments slash the time and expense of servicing vendors, while improving customer service for their suppliers.

InvoiceInfo and VendorInfo are simple solutions with big results. They are easy to implement and easy to use. Here’s how one customer described the process: “You give vendors a URL, provide instructions about what they need to know and tell them to go use it.” It really is that easy.


Improve Productivity with a Self-Service Solution

For most organizations, deploying a technology solution is a significant investment, and like most investments, the decision point ultimately comes down to the expected return on that investment.

According to a recent benchmark study by The Accounts Payable Network, 60% of AP customer service calls are from vendors while 40% are from internal customers. Vendor issues actually make up even more of the AP call volume than the 60% identified. Many times when a vendor has an issue, the vendor contacts their buyer or purchasing representative, who in turn contacts AP. Even though the call comes from an internal customer, the question originated with the vendor.

Vendor calls affect productivity in your organization exponentially. When vendors call the requisitioner, they are affecting that person’s productivity. Your internal customer’s productivity shrinks when fielding the vendor’s call and again when making the follow up call to AP and getting back to the vendor. Finally, AP’s productivity suffers as a result of the internal customer’s call, the payment status research and the follow-up communication.

With a minimal investment of IT time and talent, you can start reducing customer service calls and expense in a matter of weeks. In addition, you improve vendor relations since you are giving your vendors what they want — answers to their questions immediately — a win-win for everyone involved!


Easy and Economical Solution to Serve Vendors Around the World

InvoiceInfo can help you provide best-in-class customer service to your vendors around the world at a fraction of the cost.

Many organizations today have offices and operations throughout the world and are dealing with many time zones, different languages, and in some cases multiple ERP systems. InvoiceInfo currently supports different languages and can easily work with multiple ERP systems in different locations.

The key to good customer service is to provide the information that the customer wants when they want it. Whether your customer is a vendor waiting for a payment or a colleague that needs information on payment status, they want their information right away. If your organization has vendors and offices in other countries, they can be challenging and expensive to serve. But, with InvoiceInfo, your international vendors and internal customers can access the information they need when they need it.

With InvoiceInfo, you won’t have to staff your customer service team with 24-hour coverage in multiple languages to provide high-quality customer service around the world.


Enhance AP’s Role As a Strategic Partner

Learn how InvoiceInfo can help AP do more with less while continuously improving productivity and bottom-line results.

Many automation technologies such as scanning, workflow, e-invoicing, ACH, and electronic invoicing require significant investments of money, time and talent, making it difficult to get buy-in from upper management. Not InvoiceInfo!

If your goal for your AP department is to reduce costs quickly, call or email us today to learn more about how InvoiceInfo can help you achieve this goal through a quick, inexpensive and easy implementation of a vendor self-service portal.


Enhance Vendor Relationships

InvoiceInfo helps suppliers’ AR departments with simple and convenient access to invoice payment status online at a cost savings for all involved.

It may seem that the organization paying the vendor should hold all the cards in the relationship. But sometimes the opposite is true. Past-due payments and customer service perceptions can harm supplier relationships and disrupt the supply chain.

Your vendors and vendor relationship managers are living in a dynamic, fast-paced environment, so when invoice information is required, it is needed quickly and expected to be of high quality. With InvoiceInfo, your suppliers get answers to invoice inquiries real time, 24/7 with no need to leave messages and wait for responses. Studies show that confidence in data increases when suppliers access invoice and payment information themselves.


Give Procurement and Buyers the Tool They
Need to Respond to Vendors Quickly

Not only can InvoiceInfo be used by suppliers to learn the status of invoice payments, it can also be used internally within your organization.

In addition to reducing calls from vendors regarding invoice status, you can also reduce internal emails and calls from co-workers wanting to learn the status of invoice payment, and save time and effort and boost efficiency and productivity across the organization. Studies show that 40% of AP customer service calls are from internal customers. Many of these are from requisitioners who have received calls or emails from the supplier checking on payment status. These calls are often more expensive for the company because the internal staff member has taken the call or received an email from the supplier, contacted AP for the payment status and had to return the call or email the supplier.

By providing the vendor with a convenient and credible online option to get the answers it needs regarding payment status, you can eliminate multiple calls/emails between the vendor and the requisitioner saving time and money.


Eliminate Difficult Vendor Calls and See
Productivity and Staff Morale Soar

Reduce invoice payment inquiries and “promote” your vendor service team to more satisfying and profit-producing tasks.

By sharply reducing inbound calls and emails regarding receipt and payment status that your AP staff must handle individually, your staff can focus their efforts on more productive, cost-saving activities, learn new tasks, feel more confident and boost their careers.

According to a recent American Express survey on customer service, more than one-third of consumers have lost their temper with a customer service professional in the past year. Of those who lost their temper, three in ten “hung up the phone.” Your staff will no longer have to deal with difficult collectors who can be upsetting and disruptive. Your staff will feel that their time and talents are being put to better use and will feel better about themselves, their jobs and their organization. Reducing these calls can be a real productivity and morale booster for your AP department!


Simplify and Streamline Vendor Onboarding

According to Price Waterhouse Coopers, the average organization spends about $20 in labor to file each paper document, approximately $120 in labor searching for each misfiled document and $220 in re-creation of a document.

Wouldn’t it be great to have all your W-9’s, W-8’s and other registration documents completed online and instantly filed online for easy access when needed? With Vendor Self-Service Onboarding Module, VendorInfo, you can onboard your new vendors in one convenient location and eliminate paperwork and hassles.


Verify the Accuracy of Vendor Information and Stay in Compliance with IRS and Treasury Department Regulations

Government regulators are increasing the complexity of regulations and penalties associated with vendor-related non-compliance.

Penalties for incorrect 1099’s have more than doubled in recent years. Over the last several years, OFAC has levied more than $1 billion in fines against American companies or subsidiaries that did business with restricted businesses, organizations and individuals on its SDN list. In addition to fining these companies, the Treasury Department posts the names of infringing organizations along with fines paid.

VendorInfo Onboarding Module verifies the accuracy of vendor information and helps protect your organization by avoiding embarrassing penalties and fines.

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