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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 They prey on outdated, manual controls.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.

1apexanalytix analysis of ACFE data

$

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.

1apexanalytix analysis of ACFE data

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.

1apexanalytix analysis of ACFE data

Solution

Layers of Protection

One control cannot prevent the hundreds of fraud attempts that our clients report experiencing every year.

Our five layers of controls take in mind that a fraudster could be 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

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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

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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

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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

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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?

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Case Study

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

“Bank 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
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Supplier Management

Right. From the start.

apexanalytix's comprehensive supplier management solution that replaces time-consuming, error-prone manual onboarding processes with a supplier-facing portal filled with automation and configurable workflows.

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Onboard

Faster Onboarding

Remove the collection of data via email exchanges with a supplier-facing portal.

Validations

Real-time Data Validation

1000+ trusted data sources to validate tax IDs, bank account, address, prohibited/PEP lists and more.

Questionnaires

Pre-built Supplier Questionnaires

Best practice, pre-built supplier questionnaires in ethics, IT, financial standing, business continuity planning, and highly configurable templates.

Workflows

Customized Workflows

Ensure compliance with highly configurable workflows that can be easily updated by the P2P team.

Trophy

Single Source of Truth

Bi-directional integration with every ERP to keep all data synced all the time.

Integration 02

Foundational Agnostic Technology

Integrate any P2P solution to simplify the admin and supplier experience.

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On-Demand Webinar

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

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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. Now we can do same day onboarding.”

Chuck Stefanosky, Supplier Diversity Director

53%

increase in supplier discounts taken annually
2560px-Northwestern_Medicine_logo

“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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