This is episode 2 of the EPIC Podcast by GIACT. The special guests on the show are Julie Becker, Accounting Operations, Senior Manager, PepsiCo North America Shared Services and Jeff Caton, SVP and Senior Sales Engineer at GIACT. 

The topic for this episode is vendor management fraud. For large companies one of the challenges that they face when verifying and validating suppliers is the sheer volume of vendors being added and the pressure from the business to add them quickly.

Fraudsters are also getting smarter and determining how to insert themselves in the approval process which becomes especially burdensome when multiple departments or approvals are needed. Once fraudsters are able to successfully insert themselves into the approval process (often by hijacking email accounts) it is often difficult for internal fraud teams to identify them.

Overall lack of visibility into smaller entities as well as international vendors are other major challenges facing departments responsible for vendor onboarding.   

Fraud tools like those provided by GIACT can help by consolidating data and providing one source to validate multiple attributes. More participation and the sharing of data by more and more players in the financial services ecosystem will benefit everyone. 

www.giact.com