Positive Pay
for Electronic Payments
Ensure the payee and transaction are correct, legitimate, and approved by your customer BEFORE processing a transaction
Banks and their corporate clients are at risk
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.
of large organizations are hit by payment fraud [AFP]
10 %
lost to BEC fraud in last five years [FBI]
$ 10 Bn
can be lost in a single incident [American Banker]
>$ 10 M
Taking fraud prevention beyond signatory rights
Organizations and banks face the constant risk of losing millions to payment fraud. Cybercriminals are increasingly attacking business customers and business-to-business (B2B) transactions using phishing campaigns, advanced cyber threats, and sophisticated deepfake AI technology, which elevates the potential for financial loss. These fraudsters persistently attempt to steal credentials, manipulate payment files, or deceive bankers and corporate clients using deepfake content such as fake videos, images, and voice simulations, all in order to inject and authorize fraudulent transactions, often exploiting the fact that corporate finance teams lack the robust cybersecurity defenses of banks.
Authorized ≠ Verified
Much like Positive Pay for checks, which helps in the early detection of fraudulent, altered, or counterfeit checks, nsKnox has developed Positive Pay for Electronic payments – a unique and intelligent solution designed to enable banks to ensure that beneficiaries and transactions processed by the bank are correct, legitimate and approved internally by the bank’s customer.
How Positive Pay for Electronic Payments can help
Positive Pay for Electronic Payments has the flexibility to either block suspected fraudulent transactions in real-time or, if operated in a basic Alert Mode, may simply detect such transactions and alert the bank and its customers after processing. The bank and its users may choose their preferred mode of operation and even have the flexibility to establish certain thresholds for transaction values to choose between the two options.
Why should you implement the nsKnox Positive Pay for Electronic Payments?
Prevent payment fraud
Prevent external and internal payment fraud by comparing funds transfer requests to the actual transaction confirmed internally in your client’s systems.
Add security layer
Add a robust security layer able to protect your bank against deep fake AI fraud, ensuring transactions are verified and not just authorized.
Establish trust
Establish trust with corporate clients and differentiate your services from other banks and payment service providers.
Ensuring that the payee and transaction are correct, legitimate, and approved by the bank’s corporate client before approving a transaction received in any channel.
Verifying both the payee and the exact transaction
against the corporate client’s internal systems can save both the bank and its client from negative scenarios such as:
Fraudsters use stolen credentials to perform fraudulent payment transactions via the bank’s online banking application.
A payment is entered using the online banking application without going through your corporate client’s proper beneficiary or approval process.
Fraudsters use data theft/deep fake AI/social engineering to mislead a bank employee, causing them to issue fraudulent payments.
Cyber-criminals or bad insiders manipulate your corporate client’s payment files before they are submitted for processing by the bank.
Counterfeit paper checks are used for transactions.
Human error or insider fraud by a bank employee results in transferring corporate client’s funds to a wrong/fraudulent account.
Powerful benefits for banks & their corporate clients
For Banks:
- Ensure payment security and compliance to keep both bank and clients from falling victim to fraud.
- Minimize risk of embezzlement & lawsuits.
- Generate new revenues from an advanced fraud protection service.
- Differentiate your offering from new payment services.
- Increase stickiness with high-value clients.
For banks clients:
- Prevent payment fraud.
- Avoid the vulnerabilities of manual processes.
- Protect incoming and outgoing payments.
- Increase efficiency with technology-driven account validation and sanction screening.
- Improve controls and ensure compliance.
Let’s talk to see if our solution meets your needs
It’s powerful and easy,
with no effort from IT and no changes to current processes are required.
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.