Best-In-Breed Fraud Prevention Solution For Accounts Payables

With Trustpair, secure your AP processes and be 100% sure you’re paying the right vendor. Gain time and peace of mind!
accounts payables
Fraud Prevention Challenges for AP Leaders
Optimize Processes

Manual vendor data controls are time-consuming and fallible. Boost efficiency and gain time for more strategic missions.

Be Compliant

AP  ensures the reliability of account validation. Implement software to keep track of vendor account validations.

Protect Assets

96% of US businesses were targeted by vendor fraud at least once in 2023. Secure AP processes and company assets today.

Secure Vendor Payments With Automated Account Validation


Manual vendor account validations are inefficient
to protect against vendor payment fraud. Traditional methods like counter-calls, emails, and data searches are time-consuming and error-prone, with a single validation taking an average of 30 minutes. 

Trustpair offers best-in-breed automated account validation:

 

By leveraging Trustpair’s advanced technology, AP teams can overcome the limitations of manual validations, significantly reducing fraud risk while improving operational efficiency.

Boost Your Team Efficiency On One Single Platform

Efficiency and collaboration are critical for smooth payment processes. Trustpair’s platform eliminates organizational silos, fostering 360° collaboration across departments. On top of that, our automated account validation platform:

By implementing Trustpair’s solution, companies can significantly enhance their operational efficiency while maintaining robust security measures throughout their AP processes.

Guaranteed Compliance to Internal Controls and Regulations

During the Procure-to-Pay process, the AP team is responsible for ensuring the reliability of invoices, bills, and vendor banking data before paying for goods and services.

With Trustpair, keep track of all account validations performed by the AP team and ensure 100% compliance.

How does Trustpair Help Account Payables Leaders?

Trustpair empowers account payables leaders by providing a comprehensive automation solution that streamlines payments and protects organizations from fraud.

By implementing Trustpair’s system, companies can prevent vendor fraud and guarantee secure transactions. We help businesses verify vendor information, reducing the risk of fraudulent activities and enhancing overall accounting processes.

Our platform optimizes the entire payment cycle, allowing employees to focus on strategic tasks rather than manual checks.

By leveraging Trustpair’s expertise, account payables leaders can confidently manage vendor relationships, process payments for goods and services, and drive operational efficiency within their organizations.

The Key Benefits of Using Trustpair

0 successful fraud

at any of our 300+ clients

190 countries

covered by our banking data sources

20+

native connectors to ecosystem leaders

Your fortress against vendor fraud

Experience Seamless Security in Action. Request Your Demo Today !

FAQ

Frequently asked questions

Browse through our different sections and find the answer to your question.

Accounts Payable (AP) fraud refers to deceptive practices aimed at exploiting the payment processes of an organization for illegitimate financial gain. This type of fraud can occur internally or externally and often targets the vulnerabilities in a company’s procurement and payment systems. Common forms of AP fraud include:

  • Billing schemes with fake or inflated invoices
  • Check tampering or forging
  • ACH fraud through unauthorized electronic transfers
  • Business Email Compromise (BEC) scams
  • Expense reimbursement fraud by employees
  •  Vendor master file manipulation


AP fraud can result in significant financial losses, damaged supplier relationships, and reputational harm. It often exploits weak internal controls, lack of separation of duties, or inadequate verification processes

The six most common types of accounts payable fraud schemes are:

  1. Billing schemes (Invoice fraud): Fraudsters submit false invoices, either internally by employees or externally by cybercriminals. This can lead to significant financial losses and damaged supplier relationships.
  2. Paper check fraud: Still common in the US, this involves forging or altering checks, exploiting the less secure nature of this payment method.
  3. ACH fraud: Unauthorized money transfers using stolen account details and routing numbers, potentially leading to fraudulent purchases or direct debits.
  4. Business Email Compromise (BEC): Cybercriminals send fake emails impersonating legitimate businesses or executives, often requesting urgent payments or sensitive information.
  5. Expense reimbursement fraud: Employees inflate or invent expenses, accounting for about 15% of all expense reimbursements.
  6. Kickback schemes: Suppliers offer bribes or benefits to individuals in exchange for contracts, often involving senior leadership.

These fraud types exploit various vulnerabilities in the accounts payable process, from manual check processing to digital communication channels. They can result in significant financial losses, damaged relationships with suppliers, and operational disruptions. To combat these threats, organizations need robust verification processes, advanced fraud detection technologies like Trustpair, and ongoing employee training to recognize and prevent fraudulent activities.

Accounts payable fraud detection involves identifying red flags and applying statistical analysis, such as Benford’s Law.

Benford’s Law:

  • A mathematical principle about the frequency of leading digits in datasets
  • Helps identify discrepancies in financial data
  •  Can be applied to various transactions in accounts payable
  • Example: Detecting multiple invoices just under approval thresholds

Red Flags in Business Fraud:

  • The Fraud Triangle:
    Pressure: Financial or external motivations
    Opportunity: Exploitable weaknesses in the system
    Rationalization: Justifications for fraudulent actions
  • Suspicious Activities:
    Large volume of payments in a short time
    Patterns of chargeback transactions
  • Vendor Account Changes: Always verify requests to change account details

Trustpair’s Added value:

  • Performs continuous account verification
  • Matches company, location, and banking information
  • Checks against blacklists

Effective fraud detection combines these methods with robust verification processes and advanced technologies to protect against various fraud schemes in accounts payable.

Preventing accounts payable fraud is crucial for both SMEs and large corporations. The consequences extend beyond financial losses to include reputational damage, contract losses, and potential business collapse.

Security Measures in AP Processes:

  • Separation of Duties: Implement the 4 eyes principle to ensure no single person controls an entire function.
  • Regular Audits: Conduct thorough checks of invoices, purchase orders, financial reports, and expense reports.
  • Fraud Awareness Training: Provide regular education sessions for employees on fraud risks and prevention.


AP Tools and Fraud Prevention Automation:

  • Anti-Fraud Platforms: Utilize specialized software focusing on AP processes for systematic validation.
  • Comprehensive Security: Platforms like Trustpair secure the entire payment chain, providing risk analysis and anomaly detection.
  • AP Automation Benefits: Remove oversight for low-value tasks, block suspicious payments, and provide analytics for strategy improvement.


Traceability and Accountability

Automated systems track changes to account details, creating a deterrent for internal fraud and significantly reducing overall fraud risk.

Continuous Improvement
Combining employee education with advanced anti-fraud software creates a more robust approach to fraud prevention, adapting to new scams and evolving threats.

By implementing these strategies, organizations can create a strong defense against accounts payable fraud, protecting their finances and reputation in the process.

TESTIMONIALS

Voices of trust
Explore how our solutions have empowered businesses like yours 
to fortify against fraud and build a resilient financial ecosystem.
malika befares
Malika Benfares
Head of Treasury and Consolidation
sade-telecom-logo

"Trustpair gives us more reliability and peace of mind. The financial director is more serene when it comes to approving the transfer order."

Michele Bruno
Michele Bruno
CFO and Treasurer
decathlon-logo

"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."

Joffrey Tabouret
Joffrey Tabouret
Head of Treasury and Financing
leaseplan-logo

"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."

Fabrice meunier
Fabrice Meunier
Administrative and Financial Manager
keys-logo

“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.”

Fanny Harquel
Fanny Harquel
Accountability Manager
octopharma-logo

“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.”

Colin Cesena
Colin Cesena
Middle Office Treasury Manager
axereal-logo

"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."

Mechain Etienne
Etienne Mechain
Financial Manager
groupe-dehon-logo

"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."

mauro portela
Mauro Portela
GBS - Managing Director Global MDM Operations
danone

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.

Monika Razny
Monika Razny
Treasury and Corporate Finance Manager
edf renewables

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.

Latest news
Dive into our comprehensive resources to deepen your understanding of vendor payment fraud, cybersecurity, and the transformative power of Trustpair.