Did Anyone Call to Verify?

By Amanda Opfer, AAP, Vice President, Treasury Management

Most companies have encountered one of the following scenarios:

  • A new vendor/contractor has reached out with their payment instructions to send an ACH or wire.
  • An existing vendor has reached out with new payment instructions.
  • An employee has reached out indicating they have a new bank account for their payroll or expense reimbursement.

It is likely someone else within the organization has prior knowledge of the request. As a result, the first time payment is sent or the requested update is made. While everything may seem to be legitimate, did anyone call to verify with the sender the payment instructions or request for the change? Unfortunately, it is possible the payment instructions may have been unknowingly changed within the email resulting in the beneficiary not receiving the funds intended for them.

Any time payment instructions are involved, we strongly encourage a telephone call to confirm the request and information provided. Unknowingly altered payment instructions can lead to unintended financial losses. Stay vigilant and protect your business from potential payment fraud with a simple phone call.

Amanda Opfer headshot
Amanda Opfer, AAP
Vice President, Treasury Management
Downtown Main Bank
Amanda Opfer serves as Vice President of Treasury Management and has been with Cedar Rapids Bank & Trust since 2010. She helps drive new treasury management business to provide new and existing clients with comprehensive solutions for their business needs. She is recognized as an Accredited ACH Professional (AAP), an elite group of highly-skilled professionals who are known for their electronic payments expertise and who have a strong competitive edge in functioning as effective partners in the business and financial arenas. The AAP accreditation is recognized as the gold standard in ACH excellence, which in turn, provides clients with a resource to more effectively manage ACH Network use and enhance their risk management profile. Amanda received her B.A. from Wartburg College and is a graduate of the Iowa School of Banking.