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For all I know, they're talking about my previous employer (Sanmina). In electronics manufacturing, the economy is truly global and we had on average about 6,0
by eitally 11y ago
For all I know, they're talking about my previous employer (Sanmina). In electronics manufacturing, the economy is truly global and we had on average about 6,000 active suppliers at any point in time. It would have been (and was) trivial for someone to spoof a supplier's email and change bank routing information or send an illegitimate invoice. If the Accounts Payable and plant + corporate controllers aren't paying attention and reconciling invoices to orders, things like this will happen.
I feel bad for companies that fall for it, but at large publicly traded companies there's really no excuse. This is easily avoidable through process diligence & training.
- Pitarou 11y agoTotally agree. The medium has changed, but this kind of fraud is as old as the hills, and there are long established procedures designed to prevent it. It's the very first thing they teach in Business Accounting 101.