Vendor invoice payment fraud is increasing. The fraudster poses as your known vendor and sends you a request by email, phone or letter to change the payment instructions you have in your files for the vendor. The fraud involves sending payment to what you believe is a legitimate vendor and the payment is actually being sent to a fraudster. The changes may include the bank name, routing transit number, address, payee name and/or account number.
To help you reduce your risk, always verify vendor payment change requests by calling the telephone number and contact name you have in your file for the vendor before sending payment. Do not call the phone number or send an email to an email address provided in the changed invoice.