Overview:

In light of the growing prevalence of financial fraud, particularly involving supplier payment redirection, it would be highly beneficial for Xero to introduce a report that tracks all changes made to supplier bank account details over a selected period (e.g., monthly or quarterly).

Why this is important:

Fraud Prevention & Detection:

Supplier payment fraud often involves unauthorised changes to bank account details. A dedicated report would allow finance teams to proactively review any changes and verify their legitimacy before payments are made.

Internal Controls & Compliance:

This report would support internal audit processes and help businesses meet compliance requirements by providing a clear audit trail of changes to sensitive financial data..

User Accountability:

Including metadata such as the user who made the change and the date/time would enhance accountability and transparency within the system.

Peace of Mind for Business Owners:

With cyber threats on the rise, this feature would offer reassurance to business owners and finance managers that they have a reliable tool to monitor and mitigate risk.

Suggested Features:

Filter by date range (monthly, quarterly, custom)
Show supplier name, old and new bank details (masked for security), date of change, and user who made the change.
Exportable to CSV or PDF for audit purposes
Optional alerts or notifications when changes occur.