Fraud Prevention

Vendor impersonation was cited by 60% of respondents as a primary attack vector in the 2025 AFP Payments Fraud and Control Survey, making it one of the fastest-growing fraud tactics targeting procurement teams.

apexanalytix blocks this in many ways including by restricting bank account changes to invited contacts only, requiring current account information to make any update, eliminating phone and email-based change requests entirely, and alerting all authorized vendor contacts whenever a change is attempted.

Standard ERP controls still allow an estimated $2 million in duplicate payments to slip through for every billion dollars in spend, and they do nothing to verify that a bank account actually belongs to the supplier requesting a change.

apexanalytix goes beyond ERP controls by validating bank account ownership in real time through direct integration with banking consortiums and government authorities across multiple countries, and by cross-referencing every change request against activity across its data network of 280 million supplier records.

apexanalytix’s fifth layer of fraud protection draws on payment activity across its full community of global clients to assess whether a bank account change is legitimate. The platform checks whether the account has been paid by other apexanalytix clients, how recently it was accepted, how frequently it is used by that vendor, and whether the bank country matches the supplier’s profile.

That multi-enterprise network intelligence catches fraud that single-company controls cannot see.

Nearly 1 in 4 fraud schemes involve losses of $1 million or more, and insider threats are a significant contributor since the accounting department is the number one source of occupational fraud according to ACFE data.

apexanalytix addresses this through role-based access restrictions, supplier-employee identity matching, multi-factor authentication, behavioral monitoring that flags unusual login times or locations, and automated IP blocking for suspicious activity, ensuring that internal access does not become an unmonitored fraud pathway.