It amazes me in this day and age of technology that any company with large amounts of money don't use accounting software. I used to work for a billionaire real estate developer and I setup multiple controls and procedures for processing payments. First off the CEO never allowed wire transfers for anything, ever. If you wanted money out of this company the only way is for this procedure to happen in this order:
New Vendors are verified by Accounts Payable over the phone and are required to supply tax id info and liability insurance.
1. An invoice for payment is received by Accounts Payable in email or paper copy.
2. Invoices are entered into the accounting software.
3. Invoices and then approved/denied by the person who ordered the items on the invoice.
4. Checks are then approved for printing by the Accounting Director.
5. Accounts Payable then prints the checks, checks under $10,000 are printed with signature.
6. Accounts Payable downloads a Positive Pay file from accounting software.
7. Positive Pay file is sent to the CFO who then logs on the the bank with Two Factor Authentication (RSA SecurID) and then uploads the file, which then instructs the bank to allow the checks to be paid. Checks presented for payment that are not pre-approved in this matter are not paid.
8. Printed checks are then presented to CEO for visual approval and a signature if over $10,000.
9. Accounts Payable stuffs the checks in envelopes and is mailed or picked up by a vendor.
You would think that if there is so much money involved that these companies and banks wouldn't accept just a forged email to send out a wire transfer. If they allow such stupidity maybe they should be fired or loose the money that was stolen.