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Challenge

Understanding the threat landscape.

Fraudulent activities are a constant threat to any institution. Activities could originate from various sources like an employee of a client trying to take over a supplier account, employees of suppliers attempting to steal from their own company, or hackers from any part of the world.

$

750

B

Annual fraud from check and payment tampering.

Check and payment tampering frauds are a significant concern. These fraudulent activities involve altering or manipulating checks and digital payments, leading to substantial financial losses.

1apexanalytix analysis of ACFE data

24

mos

Average duration of a check and payment tampering fraud scheme.

Check and payment tampering fraud schemes, on average, persist undetected for 24 months, causing substantial financial losses.

1apexanalytix analysis of ACFE data

Accounting Dept

Number one source of occupational fraud.

The accounting department is often cited as the number one source of occupational fraud. This is due to the access and control they have over financial transactions and records.

1apexanalytix analysis of ACFE data

Solution

Preventing fraud before payments are made.

The most sophisticated bank account change control on the market - powered by global banking intelligence and AI.

Bank Account Ownership Validation

Integrates directly with banking consortium and governmental databases to positively confirm bank account ownership. We offer automated, real-time bank account verification across the US, Mexico, Sweden, Poland, India and the Czech Republic.

Our process is backed by global banks and government agencies, eliminating manual processes and combating fraud. We verify:

 

• Legal entity match on supplier’s profile and bank account

• Bank account type (commercial, individual)

• Good standing of the bank account

BankAccountValidation

Bank Account Confidence Score

Every bank account change request is automatically assessed using supplier behavior and our database of 100+ million golden supplier records.

We consider various factors like IP addresses, account duration, and data similarity. Our system helps flag suspicious requests for further investigation and automates legitimate requests.

10-10
Features

Prevent the event.

Bank Account Data Validation system offers real-time validation, confidence scoring, a secure supplier portal, and automated fraud prevention. It provides global coverage and checks for legal entity match and account status. A trusted choice for secure transactions.

Secure

Secure Portal

Secure supplier-facing portal eliminates manual processes, emails and random bank account change requests.

Automation

Automated Process

The validation process is automated and performed in real time. This eliminates the need for manual tasks like penny tests, emailing the supplier, or calling an internal sponsor.

Global Market

Global Coverage

The system validates bank account ownership in the US, UK, Mexico, Sweden (GIRO), Poland, India and the Czech Republic.

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Customer Stories

Peak performers
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Whether long-form webinars or in-person conference presentations, our clients love to share best practices - what drives measurable value - with their peers.

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7x

faster average supplier onboarding
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“Game changing speed. We previously had a paper-based onboarding process and now we can do same day onboarding.”

Chuck Stefanosky, Supplier Diversity Director

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Resources

Want to learn more?

Hundreds of product overviews, reports, customer-led webinars and on-demand product demos.

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Blog

AI is Your Next Fraudster!

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Videos

Eliminating Bank Fraud Risk with apexportal

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Reports

The 2023 Gartner® Market Guide for Supplier Risk Management Solutions

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Ready to Roar?

Fill out our contact form and we will be in touch shortly to discuss how we can help validate your supplier bank accounts and prevent fraud.

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