What is Electronic Payee Alteration in fraud terms?

Electronic Payee Alteration refers specifically to the act of changing vendor names in an accounts payable system. This form of fraud can occur when an individual, often someone with access to the organization's financial systems, alters the name of a legitimate payee to redirect payments for services or goods to an unauthorized account they control.

In this scenario, the fraudster manipulates the vendor information in the system, allowing them to receive funds that were originally intended for a legitimate supplier. This type of fraud exploits the trust and reliance organizations place in their automated accounts payable processes and can lead to significant financial losses.

The other options describe different fraud techniques but do not accurately define Electronic Payee Alteration. For instance, using digital signatures to commit fraud relates to authentication issues, manipulating digital payment processes can involve broader systems or transaction integrity, and creating fake accounts pertains to identity fraud or account takeover, which are distinct from altering payee information specifically within accounts payable systems.