Protect your company’s reputation and revenue from the first time you engage with a supplier and throughout the supplier lifecycle.
Protect your company’s reputation and revenue from the first time you engage with a supplier and throughout the supplier lifecycle.
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March 16-18, 2025
There is no better way to learn about the importance of fraud protection than to hear first-hand experiences of your industry peers. The Payment Fraud Report highlights six real-world payment fraud cases and the solution that could have prevented them all: Bank Account Ownership Validation.
Find out what happened in these real-world stories when they didn’t have the protection of bank account ownership validation and other controls in place.
• Supplier Spoofing: A hacker created an email address almost identical to that of an online marketplace selling tickets for an airline and sent an email from the fraudulent address asking the airline to change the marketplace’s bank account number. How much did they steal?
• Business Email Compromise: A hacker breached a supplier’s email system and found a supplier’s e-invoicing credentials for a Global 2000 media company. How long did the scam last?
• Spoofing an Officer of the Company: As an AP team began consolidating information from an acquired company, the entertainment company’s CEO sent an angry email asking that funds be wired to a strategic supplier whose payment was late. What prevented this fraud attempt?
Payment fraud is becoming more and more sophisticated every day with spoofing, business email compromises and data hacks exploiting weaknesses in manual controls. Real-time, automated bank account ownership validation along with controls and monitoring provide the defenses you need to stop payment fraud.
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