Ray Swetnam

Director of Finance and Procurement at Koch Global Services

Barry Cook

Director of Pre-Sales Consulting at apexanalytix

Business circumstances have changed. Fraud has increased. Fraudsters continue to get more and more sophisticated, infiltrating email addresses, hacking into company systems and impersonating suppliers.

While all companies, especially large, Global 2000 organizations, have some controls in place to prevent payments from going to the wrong bank accounts, many of these controls are manual and don’t take advantage of best practices, large multi-million-dollar frauds happen. But there are ways to discourage and stop fraudsters from targeting your company and stealing money meant for suppliers.

The most powerful bank account change controls are built on layers of protection, from robust access controls to multi-enterprise network intelligence. Supplier enablement leader for Koch Industries, Ray Swetnam, will discuss how he and his organization are continuously improving their fraud controls with automated validation, collaboration with banks, governments and peers and a tightly controlled supplier onboarding platform.

This webinar explores:

• Why calling the supplier, the most frequently used method of verifying a bank account change, is a very poor control

• What real-time bank account ownership validation is and how banks and governments are participating

• The value of building bank account change controls into a supplier-facing portal platform


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