Get Started
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

 months

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

#1

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 validating bank accounts.

1apexanalytix analysis of ACFE data

Solution

Preventing fraud before payments are made.

Our Bank Account Validation process prevents fraud with an automated process...even if your systems have been compromised. This added layer of protection is on top of our already highly secure Supplier Management platform – which is used to manage 8.5 million global suppliers by the largest companies in the world.

Bank Account Ownership Validation

apexanalytix is integrated directly with global banks and governmental databases to positively confirm bank account ownership across the US, UK, Sweden (GIRO), Poland, India and the Czech Republic.

No more emails to collect the info, no more calls to banks to confirm bank account change requests, no more inputing the data into your ERP.

We use the following data to stop fraud and eliminate outdated manual processes.

• 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

No bank account change happens online without trails of data. Bank country, how long the bank account has been open, similarity to other supplier data…the list goes on.

 

Combined with our 100M+ golden supplier database, we can confidently determine if a bank account change is legit or not.

 

We provide the guidance your team needs to quickly flag suspicious requests for further due diligence and confidence to automate every legit request.

10-10
Our Approach to Fraud Prevention

Layers of Protection

apexanalytix's Bank Account Validation is part of our five layers of controls that prevent fraud from anyone trying to steal fron you - whether a hacker, an employee, a supplier's employee or a combination of all of the above.

Even if one control was compromised, the fraudster will be stopped.

Fraud Prevention Layer 1

Robust Access Controls

• Role-based view and access restrictions
• Multi-factor authentication for password resets, new device or new IP address
• Email change restrictions (based on supplier domain and country)
• Frequency limits on password and security question changes

LoP-01
Fraud Prevention Layer 2

Bank Account Change Controls

• Bank account information obscured after accepted
• Current bank account information required to change it
• No phone or email bank account change requests
• Automatic alerts if a bank account is in different country
• Email or text sent to all authorized vendor contacts

LoP-02
Fraud Prevention Layer 3

User Behavior Monitoring

• Alerts for suspicious login and activity patterns
• Automated IP address blocking for suspicious IP addresses or locations
• Detailed logging of sign-on and changes

LoP-03
Fraud Prevention Layer 4

Real-time Bank Account Ownership Validation

• Validates bank account is owned by supplier through integration with global banking consortium and government authorities (US, UK, India, Sweden (GIRO), Poland, Czech Republic)
• Confirms that the bank account does not have a negative balance (high risk attribute)
• Flags change requests for bank accounts that have been recently opened

LoP-04
Fraud Prevention Layer 5

Multi-enterprise Global Network Intelligence

Our proprietary technology indicates how confident we are that the bank account belongs to the supplier based on activity within the apex platform.

• Was the bank account paid by any of apexanalytix clients?
• Are any other clients using this supplier?
• How recently was the bank account change accepted?
• How frequently that bank account is used by that vendor?
• How many companies pay that same vendor with the same account number?
• Is the bank in the right country based on the change requested?

LoP-05

  • 1

  • 2

  • 3

  • 4

  • 5

Case Study: Bank Account Validation

Fraud to Zero:
Blocking Increasingly Creative Fraudsters With Technology That Replaces Manual Processes

“Bank account validation is an evolving practice. We’ve got to find technological advances to help us drive improvement initiatives and help us bring additional value to the company by deploying resources to other areas to create greater value.

“apexanalytix gives us the ability to do that.”

Director of Finance & Procurement at a $100B Company

Read the case study
Hacker in the dark at a laptop
Media Card
On-Demand Webinar: Bank Account Validation

Preventing Payment Fraud: Another Significant Advancement in Bank Account Change Controls

Watch Now
Related Solutions

Ultimate Supplier Management

Protect your company’s reputation and revenue from the first time you engage with a supplier and throughout the supplier lifecycle.

SupplierMgmt_
Supplier Management

Every. All. 100%

A single, central supplier hub for every supplier, all of your policies and integration with 100% of your source-to-pay systems.

Learn More
Audit_feature
Audit and Recovery

$9 billion in overpayments prevented or recovered annually.

More insights. More expertise. More supplier intelligence. More recoveries than any other provider in the world.

Learn More
Risk_feature
Supplier Risk Management

Disrupt the disruption.

Prevent fines, fraud and supply chain disruptions with continuous monitoring of your supply base – without the noise.

Learn More
Data_feature
Intelligent Data

Data in. Gold out.

The fastest way to validate and enrich your third-party data with APIs tapping 1,000+ trusted data sources and 100 million company golden records.

Learn More
customerstories_banner-label-V1
customerstories_banner-label-V1
Customer Stories

Peak performers
pick apex.

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

View All Customer Stories

7x

faster average supplier onboarding
Independence Blue Cross Logo

“Game changing speed. Now we can do same day onboarding.”

Chuck Stefanosky, Supplier Diversity Director

53%

increase in supplier discounts taken annually
2560px-Northwestern_Medicine_logo

“apexanalytix has exponentially changed our whole supplier onboarding process.”

Amy Platis, Director of Finance
Resources

Want to learn more?

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

View All Resources
Reports-CaseStudies-thumb
Blog

AI is Your Next Fraudster!

Read More
Videos-thumb
Videos

Eliminating Bank Fraud Risk with apexportal

Read More
The-2023-Gartner-Market-Guide-for-Supplier-Risk-Management-Solutions
Reports

The 2023 Gartner® Market Guide for Supplier Risk Management Solutions

Download Report

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.

Get Started
apex analytix lion