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Creditors, Suppliers and Security Breaches
Once upon a time, all the suppliers had to worry about what was the credit of their customers and the legal effectiveness of the security liens that they took on inventories. Now, debtors and creditors alike, for that matter, live under the constant threat of security breaches which can have consequences of a material order of magnitude. As a lawyer advising payments companies, I thought it would be interesting to discuss security breaches ...
ELECTRONIC FUNDS Transfers and Fraud
Electronic Funds Transfers (“EFTs”) are widely accepted as a method for organizations to transfer funds on a timely basis to suppliers, employees and other organizations. However, EFTs can pose an internal control weakness for many organizations. Employees can circumvent the built-in internal controls, if any, and defraud the organization of significant amounts of cash at one time or over a period of time. EFTs typically allow employees to withdraw organizational funds by way of an Online Banking Agreement (“OBA”) in which an employee may ...
Identity Theft - Practical tips for credit professionals
Every year, identity theft results in millions of dollars of reported losses for Canadians. This has serious implications for credit professionals when it comes to the collection, protection, usage and disposal of the information they gather on their customers. Whether your company accepts payment by credit card, by wire transfer, via e-commerce or by the ageless paper-based cheque method, you need to ensure that your department plays its part in having the necessary checks and balances in place.
Info from Visa
What is expected of a credit manager when a customer claims that he was a victim of identity theft, and the debt is not his?
Most credit scoring systems have been developed for use by banks. This has been adjusted to reflect both consumer and mercantile business. Credit scoring is a method of evaluating the credit risk of customers ...
An Accounts Receivable Integration Framework
https://creditedu.org/knowledgecentre/index.php/site/video/201This webinar discusses how to build a strategy and action plan for A/R transformation. You will learn how PrimeSource centralized credit & collections for more than 40,000 customers across 35 locations.