XYZ Technologies has recently contracted ABC Construction to build a new manufacturing plant just outside of town. The construction company has gone through all the legal steps and processes that XYZ has asked of them and is currently listed as a vendor in XYZ’s accounting system. The primary contact has been Tom Smallie and his email is [email protected] Shortly after the ground breaking, XYZ finance receives the following email communication:
From: Joanne Tilly [email protected]
To: XYZ Finance
Subject: Bank Account Information
ABC Construction has recently changed banks and would like to update their bank account information.
What is the process for changing this information?
XYZ Finance responded to this with the following email communication:
From: XYZ Finance
To: Joanne Tilly [email protected]
Subject: Re: Bank Account Information
Simply include the new bank account information into the attached form and we will be happy to process
this change for you
XYZ Finance Team
A few days later, the XYZ Finance team receives the form with the bank account information. This information is then updated in the financial system.
Months Later, the final inspection for the new facility was approved and ABC Construction submits their invoice for the work that was completed. The final amount is $450,000. Because of the amount, and the amount of money that has been tied up with ABC Construction, they are eager to receive payment on this invoice and they contact XYZ about twice per week to check the status. Then about three weeks later, ABC contacts XYZ to check the status of the payment and XYZ lets them know it was paid the day prior. ABC checks with their bank and they do not have a pending deposit. They alert XYZ about this and they verify the bank information only to find that this is incorrect.
Fortunately for XYZ this was only a day later, and the money has not left their account, they were able to stop the payment, and alert the authorities. ABC Construction receives their payment, and everything is resolved. Or is it?
In this part of your project assignment, provide an analysis of the incident that addresses the following:
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