Construction Suppliers: How to Protect Yourself Against ACH and Wire Fraud

Tips to Protect Yourself

Be Cautious of New Payment Information

Watch out for emails that include new payment information. Often times scammers will send an invoice that includes new payment instructions, such as a new routing or bank account number. Before sending any money, be sure to call the vendor to make sure the new payment details are legitimate.

Double Check Email Addresses

Fraudsters are tricky and can create email addresses that can look identical or very similar to a legitimate email address. If you notice an invoice coming from a new email address, contact a trusted contact at the vendor to make sure that the new email address is real.

Set Up a Customer Portal

A customer portal not only adds customer convenience, but greatly reduces the risk of ACH and wire fraud. A customer portal is secure and requires a customer to login via your website, greatly reducing the risks of fraud and scams. Payments made via a portal can also be easily tracked and contain payment confirmation details visible to both customers and vendors.

Watch Out for Fake Invoices

Fake invoices are a frequently used way to trick customers into making a payment. Be sure to check that invoices are legitimate and are for items actually ordered. Be sure to also double check the address and style of invoices. It if looks funny or "off", it probably is.

Digitally Secure all Customer Payment Information

Suppliers, especially those without an AR solution, often times store credit cards and bank account information on paper forms (i.e. authorization forms). These forms are often stored in an office or scanned via email, posing significant risk of unauthorized access. If your business engages in these practices, you should know you are putting both you and your customers in harms way. In fact, you could be liable for any fraudulent payments made to the tune of millions of dollars. To eliminate these risks, you should use a system like Suppli that securely stores all payment details on PCI compliant servers, eliminating almost all liability related to stolen payment information and removing this responsibility from your plate.

About Suppli

Suppli is a digital accounts receivable platform that enables construction material suppliers and vendors to turn their credit department into a competitive advantage. Top material vendors leverage Suppli to deliver the digital customer experience their customers demand and supercharge their credit teams with tools to get paid faster and reduce risk. Suppli is led by a veteran founding team of building materials suppliers, software engineers and financial experts.

For more information, or to schedule a demo, please visit gosuppli.com.