Strategies for Protecting Against Vendor Payment Fraud

balance sheet

Cybercrime is an ever-increasing threat from which manufacturers are not immune. Although reliable statistics are not available, one particular type of scheme that seems to be on the rise is vendor payment fraud.  In cases of vendor payment fraud, the fraudster poses as an existing supplier and provides the manufacturer with seemingly legitimate instructions changing the account payment information.  The exact means by which vendor payment fraud schemes are perpetrated can take many forms.  However, the most sophisticated and hardest to detect schemes often involve “hacking” into the vendor’s systems and sending a seemingly legitimate email or other instruction directing the change.

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Automotive Industry Forum Preview: As the Auto Industry Transforms, It Grapples with Issues of Cybersecurity, IP & Connectivity

Automotive

By guest author Gregg Wirth of the Legal Executive Institute.

The American automotive industry in no longer making your father’s Oldsmobile — not by a long shot.

Today, pushed by evolving consumer behaviors, transformative technologies, and global market pressures, the automobile industry has entered a new industrial revolution where ingenuity and opportunity coalesce, and the tools of the trade include adaptive cruise control, autonomous vehicles, and nanocellulose and cellular V2X technologies.

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3D Printing Continues Making Inroads in Auto Industry

3D printing

Additive manufacturing (aka 3D printing) has long been a growing part of the auto industry.   Companies started out using 3D printing for prototypes and small batch production.  As technology advanced, the role of 3D printing is rapidly increasing.  This week, several major players in the auto industry announced new developments for the role of 3D printing in the industry.  HP unveiled its “Metal Jet” 3D printers, which it describes as 50 times more productive, with lower operating and purchase costs than existing technology.  HP has already partnered with suppliers in the auto industry on the technology, and GKN Powder Metallurgy is already using the printers in its factories.

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Force Majeure Best Practices – Hurricane Florence Edition

Hurricane

The threat presented by Hurricane Florence has forced government officials to order South Carolina residents to evacuate hurricane zones. Safety should always be the No. 1 priority for the millions of individuals and families affected by the storm. The mandatory evacuation and closure of many businesses and schools in the area has shut down a number of manufacturing facilities and distributors located in South Carolina.

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The Skills Gap in the Manufacturing Industry and What We Can Do About It

Workforce

There is a serious skills gap crisis in the U.S. manufacturing industry, an industry which makes up nine percent of the U.S. workforce, making it one of the largest workforces in the country.  The manufacturing industry, like many other industries in our quickly-shifting, modern economy, requires skilled workers to fill critical positions, such as machine/equipment operators and automation supervisors.  Without these skilled workers, the manufacturing industry would undoubtedly be disrupted and overall production and revenue would take massive hits.  Despite the importance of skilled worker positions and the fairly high compensation offered, manufacturing companies are still finding themselves with a dearth of talent from which to hire some of their most important employees.  For years now, the industry has reported that the number one issue plaguing it is a lack of skilled workers.  There are almost three times as many skilled worker positions being posted than are being filled. Over the next decade, almost two million manufacturing jobs are predicted to go unfulfilled due to the skills gap crisis.

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