A multi-billion-dollar, global media giant with hundreds of locations worldwide conducts business with thousands of suppliers and executes payment transactions from multiple and distributed finance centers. This makes process control and the detection and prevention of payments fraud particularly challenging, especially in light of the growing sophistication of fraudsters’ attempts.
Due to the decentralized and manual framework of supplier validation and payments execution, the media giant could not effectively validate the bank account details of its thousands of suppliers who are due payment every month. There was simply no reliable and effective way to confirm payments are not made to fraudulent accounts set up by a cybercriminals.
It was time to replace its manual, primarily email-based approach with one that is technology-based, centralized, and backed by validation through an independent, third party.
PaymentKnox was selected for enabling a technology-based bank account validation process and for being a proactive cyber-grade solution for ongoing payments fraud prevention.
Since the nsKnox solution is also available through the web based PaymentKnox Portal, its use by the media giant was immediate upon signing of the agreement. The new process was extremely well received. All parties were on board, from the Director of Finance and Accounts Payable, to the Accounts Payable Manager, Group Treasury Manager, and everyone in between.
Solution in Action
PaymentKnox is being leveraged during the onboarding of a new supplier or when a request to change bank account details of an existing supplier is received.
When this happens the relevant stakeholder on the procurement and accounts payables team validates the account information using the secured PaymentKnox account validation service, and only validated account details are saved in the organization’s ERP system.
Furthermore, to ensure that no data manipulation occurred throughout the payment process, before any payment is processed PaymentKnox is used to assure that the bank details in the payment file belong only to an account that is validated. If an account winds up being invalid, the payment is blocked.
PaymentKnox has enabled the media giant to increase the accuracy and efficiency of its bank account validation processes, secure its payments, and prevent internal fraud, IT-level malware attacks on corporate payment systems, and social engineering attacks.