BPO
Business process outsourcing–the practice of contracting specific business processes or tasks to third-party service providers with the intent to gain efficiency and reduce costs.
Business Email Compromise (BEC)
A type of fraud in which criminals impersonate a legitimate business in order to trick victims into sending them money. BEC attacks often involve sending emails that appear to be from a trusted source, such as a bank or a vendor. The emails will often contain a sense of urgency, such as a request to…
Compliance
The act of following rules and regulations. In the context of vendor information, compliance refers to the process of ensuring that an organization collects, verifies and maintains information to meet the requirements of applicable laws and regulations.
Corporate Card
A credit care issued to employees for authorized business expenses.
Wire Transfer or Wire Fund Payment
Wire Transfer/Wire Fund Payment: An electronic transfer of funds from one bank account to another, often used for large or international transactions.
Cybersecurity
The practice of protecting computer systems and networks from unauthorized access, use, disclosure, disruption, modification, or destruction. Cybersecurity encompasses a range of activities from security software to employee training.
Balance Sheet
A financial statement that provides a picture of a company’s financial position at a specific point in time; it lists the company’s assets, liabilities and owners equity.
Bank Account Verification
The process of confirming that a bank account belongs to a specific person or organization. This is often done by verifying the account holder’s name, address, and other personal information.