April 23, 2024


Stampli Raises Concerns over Accounts Payable Fraud

Stampli, the leader of an AI-powered Accounts Payable automation, stated that businesses should take precautions to avoid being victimized by fraudsters attempting to submit untrue banking information to get fraudulent payments amidst the financial crisis of the regional banking industry. Fraudsters posing as a company’s current vendor may get in touch with the Accounts Payable divisions, claiming they should transfer banks and requesting that the vendor’s information about payment be updated with false information. Frequently, their communications include an urgency that pressures the recipients to act without checking the stated information.

This type of scam happens because many individuals are transferring banks for legitimate reasons, such as risk mitigation during financial uncertainty. When the AP sector approves their request, subsequent payments might be sent to the account of the fraudster. To prevent fintech fraud, AP departments must adhere to strict protocols. They must always verify account requests for modifications by reaching out to them, irrespective of the data already mentioned under request. The AP sector should thoroughly examine email addresses, as scammers frequently create ones that closely resemble real ones. They must make sure that all the information is accurate and updated to make the entire verification process easy when changes occur.


The AP department has to educate the employees about the pressure tactics and common scams and in turn teach them to adhere to protocols. They should establish a reporting platform for validating and sharing suspicious requests. Eyal Feldman, Stampli’s CEO, said that one must never presume that they are not at risk. Whenever money passes from one to another, one should assume that scammers are seeking a chance to obtain it. He also stated that with the proper protocols, fraudulent activities can be prevented.

Visit World Fintech News for the latest information and analysis on the financial sector and the fintech industry.

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