Here’s Another Good Reason To Stay On Top Of Your AR
We had a client who sent us a copy of a form that had been filled out and sent to a City they were working with. The form was a request to change the bank and account information for future payments. The reason we were included is that the email address on the form wasn’t receiving notifications of the payments, and the payments hadn’t been received—but here’s the rest of the story.
The City had sent the payment, but our client hadn’t received it. The reason the employee hadn’t received notice is that the domain name (company name as part of their email) had an extra letter in it; it was bogus. Whoever sent in this form created a similar domain name and routed the email to them. It was a hack.
A couple of lessons here: the City should have called to confirm the bank change, no matter what. Had they made the call, none of this would have happened.
Second, our client reached out in October for a payment they expected in September; good for them! Since they were on top of their AR, this was caught fairly quickly. Are you on top of your AR? We can’t control people who try to scam us; we CAN control staying on top of our receivables. – CMW