Companies need to verify the details of a creditor’s bank details to ensure payment is not made into the incorrect account. Remember if the incorrect details are captured and the funds paid into an incorrect account the company is still liable for the debt and may not be able to recover the funds.
Fraudsters often send change of bank details to channel funds into their accounts and company employees may also be involved in such activities.
Before changing or adding details of creditors it is essential to verify the bank account details. Bank details need to be supplied for this.