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This isn't already happening, how insecure is this!. Yes get this done asap.

Get this done ASAP! For an accounting software product not to have this already implemented is beyond me. Worked in many accounting products and this was never an "idea" I had to ever vote on. Accounting 101...

Update - my new work around is to add an email rule at the Office 365 - Exchange Admin level. That way any email from Xero re a Bank Account change comes direct to me. If you use a bookkeeper that logs in with their own email I suggest you make them login with an email that you control.

The above only covers Contacts that have existing bank details changed.

As you don't get emails when new or existing Contacts have bank details added for the first time you really need to run the "History and Notes" screen report. (Accounting menu --> Advanced --> History and notes). In the Item section select "Contact", then search (Ctrl + F) for "bank" and you'll be able to locate all bank account changes with a link to the Contact that was changed.

notify the person changed the bank account is useless if this is meant to prevent hacking and stealing

It's a no brainer way to protect businesses. Currently notifying the person who changes the bank details is like telling a burglar you've successfully set yourself up to burgle a house. The notification MUST go to another Admin. In my analogy, the homeowner, so they can take precautions.

I lost almost $2K to this issue as a below average bookkeeper changed a contact's bank details to another supplier's bank details. The bookkeeper was notified but I wasn't. Unfortunately, the recipient of the funds spent the money before we found out and we could only claim about $200 back from them after 12 months and a lot of trouble. We're a not for profit and the auditor was shocked by this weakness in Xero.

My work around now is to use an email rule in the staff member's Outlook program that auto forwards the Xero bank account change email to me. This isn't foolproof though.

Please safe guard businesses by having the supplier bank account change email go to both the user and the nominated admin(s). It just commonsense.

this is really important with phishing attacks being so prevalent

This would be a great feature to add to help try and stop fraud

Not sure why this feature is not already available. Would be a massive help to prevent fraud.

I receive notifications when a payroll account is changed by our bookkeeper so I am dumfounded that the same practice can't be implemented for changes to contact bank accounts. As a chartered accountant I can tell you this is a massive hole in Fraud prevention and needs rectified ASAP.

We have the same concern, what we need is if anyone else, other than our master administrator, changes the bank account details or adds a new supplier, they will be notified of the change not the person who made the change. This needs to be addressed to prevent the possibility of any fraudulent activity. Our auditors want to know how we are addressing this!

We recently have had a case of fraud against us by the fact that Xero does not notify other users with credentials to changes in bank account details of suppliers.

As Shaun Walker has advised below, a note or some other notification regarding bank account change is a critical feature to minimise impropriety. Personally I would like to be able to assign to Advisors that they are notified when bank account details are changed to confirm that the change is correct

If, as in our situation, a person who has the security credentials to change bank details, is the only person notified of the change, how does Xero allow the appropriate oversight to ensure that this doesn't happen? It can't.

Under the current system it relies on a individual to go through each individual payment and cross check bank account details, that is exhaustive when batch payments get longer and longer

auditors would like to see this feature
when producing the batch payment report could there be a note (or '*') to identify a change to bank details since the previous payment run? This would allow payment authorisers to validate the new bank account