Fraudsters have acquired proficiency in exploiting advanced technologies, including deepfake AI, to infiltrate an organization’s communication and business systems. This enables them to orchestrate fraudulent payment transactions.
Traditional bank letters, typically distributed in hardcopy or as a PDF file, can be illegally altered or misused and are everything but secure, verifiable, and trackable. Knowing this, your corporate clients cannot rely on formal documentation provided by the bank when they onboard a new supplier or are asked to change an existing supplier’s bank account details.
They are forced to take manual measures such as initiating phone or video calls to the alleged supplier to confirm the details. This is very time-consuming and inefficient, and unfortunately, in the era of deepfake AI and phone spoofing, these measures are no longer secure, as fraudsters have found clever ways to bypass them. This is where the nsKnox Bank Account Certificate (BAC) comes in.
The nsKnox Bank Account Certificate (BAC) is a reliable, fraud-proof, and secure document that is based on patented technology and an approach to sharing and verifying banking details. It replaces outdated bank letters and voided checks with an encrypted, signed, verifiable, and trackable “account passport” that confirms bank account ownership. It’s the ‘Bank Letter - Reinvented’!
The Bank Account Certificate by nsKnox introduces a reliable and fraud-proof approach to sharing and verifying banking information.
BAC replaces outdated bank letters with a secure and verifiable document that can confirm the ownership of bank accounts for any account, anywhere in the world. This will allow your corporate clients to safely share their banking details with business customers all over the world without the fear of fraud. The certificate holds all relevant information needed to receive or send payments.
With this technology–based approach, your corporate clients can securely share banking details and empower their business partners to easily and securely verify the correct and valid banking details prior to making any payment to them. This way, vulnerabilities are eliminated, and incoming payment protection is assured.
A Bank Account Certificate™ is a fraud-proof digital credential issued by nsKnox that proves the verified ownership of a bank account. It replaces outdated, easily forgery methods of sharing bank details, including bank letters, void checks, and email confirmations, with an encrypted, cryptographically signed, and tamper-evident document.
nsKnox verifies the accuracy and authenticity of the bank account details before issuing the certificate, and stores them in the nsKnox global data repository. Any attempt to alter the certificate is immediately detectable.
The key difference is tamper resistance.
A traditional bank letter or PDF can be edited with basic software. It is not verified directly by the bank, and there is no way to detect tampering in real time.
A void check can also be altered because it is simply an image of a check. Like a bank letter, it is not bank-verified and provides no real-time alert if information is changed.
A Bank Account Certificate™ is different because it is cryptographically signed, making it extremely difficult to forge or modify. The certificate is verified by the bank, and any tampering can be detected immediately through real-time validation.
In summary: bank letters and void checks rely on visual inspection and trust, while a Bank Account Certificate™ provides bank verification, cryptographic protection, and real-time tamper detection.
In seconds, through:
They enter or scan the certificate details, and nsKnox instantly confirms whether the account is valid, current, and unaltered.
An alert is triggered when:
The alert is sent immediately to relevant stakeholders and, at the customer’s discretion, can automatically hold the payment pending investigation.
nsKnox is a fintech-security company, enabling corporations and banks to prevent fraud and ensure compliance in B2B Payments. Founded and led by Alon Cohen, Founder & former CEO of CyberArk (NASDAQ: CYBR), nsKnox solutions help organizations avoid significant financial losses, heavy fines, and reputational damage.
Leveraging its patented Cooperative Cyber Security™ (CCS) and groundbreaking Bank Account Certificate™ technology, nsKnox’s solutions detect and prevent finance & ops infrastructure attacks, social engineering, business email compromise (BEC), insider-fraud and other Advanced Persistent Fraud attacks.
