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Eliminating Bank Fraud Risk with apexportal

Learn how BankPro stops payment fraud with bank account ownership validation and confidence scoring.


• Akhilesh Agarwal, SVP, Global Business Partner Technology Solutions at apexanalytix

• Danny Thompson, SVP, Market and Product Strategy at apexanalytix

Stopping payment fraud is getting more complicated.

There are distributed hacker teams across the globe looking at large companies and plotting. Just talk to your IT team and ask how many phishing emails get blocked. Less than 1% get through security filters.

OK. Enough about the problem. HOW do you stop payment fraud?

Penny tests? Supplier callbacks? Sounds very MANUAL.

During this live demo, we will walk through an automated three-step process of protecting against payment fraud.

1. Validate original bank account

• You want to change a bank account? You better know the original bank account. Most will not.

2. Validate the bank BELONGS to the supplier

• If a disgruntled employee or hacker knows the original bank account, this validation will confirm that the name on the new bank account matches the supplier’s legal name. Plus, entity type (Individual, LLC or Corp.) and Tax ID (SSN, EIN) are validated (for the US, Sweden and India).

3. For the rest of the world?

apexportal leverages the 40 million suppliers in our database to develop a confidence score for the bank account. Does the supplier use the same bank account for multiple companies? Is the bank in the same country as the supplier? Has the bank account been changed recently? Everything is built into the bank account confidence score.

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