PaymentKnox for AR
automated & secure cyberfraud prevention
leverage a technology-driven process to empower customers to validate your bank account details prior to making payments and prevent fraud
Today’s cybercriminals are targeting B2B payments more than ever, with four out of five companies falling victim, according to the Association for Financial Professionals (AFP).
Your customers and business partners may also fall victim to payment fraud and unwittingly transfer funds intended for you to fraudulent accounts instead. The result is immediate damage to your cash flow and income.
To make matters worse, when fraudulent activity originates from within your organization – for example, as a result of a breached email account or acts of a bad insider – You may be held accountable for the loss rather than the paying customer. Reputational damage is added to the mix as well.
Bank Account Certificates (BAC) from nsKnox introduce a reliable and fraud-proof approach to sharing and verifying banking details.
BAC replaces outdated bank letters and void checks with a secure and verifiable document that can confirm the ownership of bank accounts for any account, anywhere in the world.
The certificate has all the relevant information needed to receive or send payments. It allows you to provide a free-of-charge service to your business partners to securely share, verify, store and protect bank account details and additional documents they may require (such as a bank letter or a W9 form).
It protects both paying and receiving entities and prevents payment fraud.
PaymentKnox™ for Accounts Receivable protects your incoming payments. Using the Bank Account Certificate™, you give customers and business partners a secure, verified way to confirm your bank details before sending funds, ensuring payments reach you rather than a fraudster impersonating you.
The process:
Because fraudsters routinely intercept supplier communications and substitute their own bank account details. Common attack methods include:
A Bank Account Certificate™ removes all of these vulnerabilities. Your customers verify your account through nsKnox directly — not through email or a document that can be intercepted.
The customer checks the nsKnox certificate or portal. If the account details don’t match the validated certificate, nsKnox triggers an alert. The payment is not made to the fraudulent account.
Example: A fraudster sends your customer an invoice with altered bank details. The customer, following your onboarding instructions, verifies the account via your nsKnox certificate before paying. The fraudulent account doesn’t match — the alert fires, and you’re notified.
Yes. Verifying a Bank Account Certificate™ is a free service for paying entities. There is no cost or registration required for your customers to verify your account.
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.