Banks work with thousands of suppliers and third-parties, creating loopholes and gaps for fraudsters. With Trustpair, validate vendor bank accounts in 190 countries and fraud-proof the entire P2P.
Banks work with thousands of vendors and handle sensitive client payment information, making them vulnerable to fraud attempts.
Fraud checks consume time and resources from compliance, treasury, and finance teams. Automating fraud detection streamlines operations and reduces costs.
Banks face strict rules around money laundering, suspicious activity reports, and customer due diligence. Outdated processes increase the risk of non-compliance and exposure to financial crime.
The banking industry is under constant pressure: they work with thousands of vendors, have intense regulatory pressure and handle sensitive client information. This makes them a prime target for fraudsters.
From invoice forgery to impersonation schemes, criminals exploit gaps in verification and outdated processes. The result:
In today’s fast-moving financial system, traditional controls can’t keep up with sophisticated fraudulent activities.
Banks need a robust risk management framework designed for the complexity of the financial services industry. Trustpair provides:
Proactively reduce risk before it impacts your clients, your reputation, or the wider financial system.
Manual vendor bank account validations performed by finance and compliance teams leave organizations exposed to errors and fraudulent activities. With Trustpair:
Trust is the foundation of the banking industry, and accurate vendor data underpins that trust.
Real-time monitoring and fraud detection bring visibility and control over every vendor payment. When your data is clean and verified, teams operate faster, with confidence, and without the risk of falling victim to fraudulent documents or payment errors.
Protecting payments is about more than security. It is about ensuring business continuity, safeguarding the financial system, and maintaining the reputation of your institution.
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The banking sector faces constant exposure to cyber risks. Criminals target financial institutions and the wider banking industry to steal money, gain access to sensitive data, and disrupt the financial system.
Common cyber risks in banking include:
The potential risks are significant: cyberattacks not only cost banks through direct fraud losses, but also erode customer trust and expose weaknesses in verification processes.
To fight these threats, banks must use advanced fraud detection, monitor fraud patterns, and adopt strong security measures. Filing suspicious activity reports, enhancing customer due diligence, and deploying artificial intelligence tools all help prevent fraud and reduce the chance of falling victim to evolving fraud attacks.
Digital banking fraud is one of the fastest-growing risks in the fraud in banking industry. It covers schemes where criminals use technology to commit fraud, often by targeting customers of financial institutions through online banking, mobile banking, and banking apps.
Examples of digital banking fraud include:
These fraudulent activities cause serious fraud losses, expose consumers to consumer fraud, and drive up the overall cost banks must absorb. Regulators like the Federal Trade Commission have highlighted the potential risks, while compliance teams are pressured to report cases in line with each fraud bill and regulation.
To reduce exposure, banks must strengthen banking fraud detection, improve verification processes, and build a strong center fraud response to stop new fraud attacks before customers end up falling victim.
"Trustpair gives us more reliability and peace of mind. The financial director is more serene when it comes to approving the transfer order."
"With Trustpair’s verification methodology, it's no longer just a consistency check but an exact confirmation of the validity of the third party: there is no longer any risk."
"With Trustpair, we are able to automatically and quickly monitor our third parties and ensure the security of that very data over the long term."
“I would definitely recommend Trustpair to finance departments. It makes adding and modifying beneficiaries more reliable, without resorting to manual processes that are cumbersome, time-consuming and fallible.”
“The control process is simplified with the Trustpair solution, the Finance Department is reassured and, above all, it no longer needs to waste time performing manual checks to verify a supplier's bank details.”
"Trustpair adapts very well to the specifics of our market and our way of working. Several features are developed as we work together. That's a real plus."
"Trustpair has become more than a reflex; it has become an obligation. The team no longer validates an IBAN unless Trustpair has confirmed it to us."
Thanks to Trustpair, we’ve made a significant shift in our security processes and filled the gaps we needed to fill. Trustpair has proved to be a committed and trustful partner and we’ve appreciated the support and transparency.
We’ve gone from manual and time-consuming fraud controls to automated bank account validation done directly in SAP. The workload has been drastically reduced and payment security is now guaranteed.
