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Challenge

Fraudsters love your “controls.”

Fraudsters are tech savvy. Whether it is a deepfake, WormGPT (aka evil ChatGPT) or your friendly coworker who bakes cookies. They prey on outdated, manual controls.

85

%

Most fraud losses are never recovered.

Recovering fraud losses is a major challenge due to the complex methods used by fraudsters. As a result, a significant portion of these losses remains uncovered.

$

1

M

Nearly 1 in 4 scams involve losses of $1 million or more.

High-value scams are alarmingly common, with nearly 1 in 4 involving losses of $1 million or more.

2

 years

The average fraud runs 2 years before being detected.

The average fraud scheme persists undetected to over 2 years allowing criminals to steadily drain funds while controls fail.

Solution

apexanalytix Fraud Prevention

Layers of Protection. Prevent the event.

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

01 PreventTheEvent

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

02 PreventTheEvent

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

03 PreventTheEvent

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, Poland)
• 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

04 PreventTheEvent

Multi-enterprise Global Network Intelligence

A score to provide guidance on whether to accept or further investigate the legitimacy of the bank account change. Tap the largest network to identify fraud.

• 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?

05 PreventTheEvent

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  • 03

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Related Use Cases

Go from idea to impact with proven procure-to-pay solutions.

Explore how we have helped global organizations overcome the same obstacles that you are facing right now.

Fraud Prevention

Fraud Prevention

No one bank account change control will prevent payment fraud. Layers of protection are needed to prevent the many different techniques of evading your controls.

Risk Management

Supplier Risk Management

Ask suppliers the right questions at the right time with pre-built and highly configurable supplier journeys for an accurate picture of risk in your supplier ecosystem.

Bank Ownership

Bank Account Ownership Validation

The most effective bank account change control is automated validation directly with the bank. It isn’t available everywhere, but needs to be part of payment fraud prevention program.

cyber

Cyber Vulnerability & Threat Assessments

Your suppliers' cybersecurity is now your problem. Scan the open and hidden internet to identify suppliers that are high risk for a cyber attack: ransomware, BEC scams or data breaches.

ESG

ESG Compliance Programs

Rapidly close global compliance gaps and deliver on your strategic ESG objectives with out-of-the-box best practices, premium data and supplier-facing collaboration.

Early Payments

Early Payment Programs

Maximize supplier adoption and discounts captured with an early payment program built into your supplier onboarding and management program.

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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
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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

53%

increase in supplier discounts taken annually
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“apexportal has exponentially changed our whole supplier onboarding process.”

Amy Platis, Director of Finance, APM
Resources

Want to learn more?

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

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Videos

Eliminating Bank Fraud Risk with apexportal

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Reports

The Impact of Technology on Fraud Prevention

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Webinars

Preventing Payment Fraud: The New Standard in Bank Account Change Controls

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