Manual vendor data controls are time-consuming and fallible. Boost efficiency and gain time for more strategic missions.
AP ensures the reliability of account validation. Implement software to keep track of vendor account validations.
96% of US businesses were targeted by vendor fraud at least once in 2023. Secure AP processes and company assets today.
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.
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.
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.
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.
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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:
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:
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:
Red Flags in Business Fraud:
Trustpair’s Added value:
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:
AP Tools and Fraud Prevention Automation:
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.
"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.