Mar 13 / Admin

New Scam Alert: Silicon Valley Bank (SVB) and the Vendor Master File

On Saturday, March 11, 2023 we created a LinkedIn article through the Putting the AP in hAPpy Newsletter:  

According to this press release, On Friday, May 10, 2023, the California Department of Financial Protection and Innovation closed Silicon Valley Bank, Santa Clara, California. They appointed Federal Deposit Insurance Corporation (FCIC) as Receiver. Silicon Valley Bank had 17 branches in California and Massachusetts.

This means that there will be increased activity for the Vendor Team in bank account changes - either initiated by the vendor or through failed electronic payments or the receipt of Notice of Changes (NOCs) because the new bank has accepted the electronic payment to the new account. 

Fraud Prevention is key.  Take training The BANK Of AP: An Internal Control System To Combat Business Email Compromise and Build An Authentication Matrix So Your Vendor Team And Help Desk Do Not Communicate With A Fraudster. 
Read the entire post here.

Enroll in Training Sessions:  Last Thursday of Every Month is Training on Frauds and New Scam Alerts and How to Combat
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