Fraud is a constant threat that leaves no organization untouched. The statistics are clear: 96% of companies were targeted by payment fraud at least once in 2023 and 83% by cyber fraud. Fraudsters are leveraging sophisticated techniques like phishing, hacking, and AI-generated deepfakes to infiltrate systems and compromise vendor data. One notable case last February involved a UK company losing $25 million to a deepfake scheme.
Effective vendor data management is the ultimate solution in the fight against fraud. That’s why Danone has chosen Trustpair to achieve their key goals: 0 fraud and 100% efficiency. Trustpair CRO Jeremy Leleu and Danone Global MDM Managing Director Mauro Portela deep-dived into the Danone success story at this year’s ABSL edition. Details below.
The Vault Project: Securing Vendor Data at Danone
Like many multinational corporations, Danone works with thousands of third-party suppliers across diverse geographies, industries, and categories. Managing vendor data, particularly banking information, is a critical aspect of ensuring secure payment processes. Unfortunately, cybercriminals are constantly seeking ways to intercept and manipulate this data, enabling them to divert funds for personal gain.
To address this challenge, Danone initiated the “Vault Project” in 2023, aimed at strengthening their data security and fortifying their defenses against fraud and cyber threats. The project’s objective was clear: design a compliant, secure, and controlled bank data management system that reduces fraud risk and enables optimized payment processing across all Danone entities and subsidiaries.
To achieve this objective, Danone chose Trustpair, the leading fraud prevention software on the market. Trustpair’s mission is to empower teams by increasing payment security and eliminating the burden of time-consuming manual controls as well as the risk of fraud events.
“The stakes of the Vault project are Danone-wide: it concerns vendor bank data for all Danone entities, subsidiaries, etc. That’s why we needed to find a performant solution able to audit, clean and monitor vendor data in an efficient and secure way” Mauro Portela, Danone
Seamless Deployment and Robust Governance
The project went smoothly thanks to a seamless deployment and customized governance.
Trustpair customized their approach, establishing a dedicated Business Stream and Technical Stream, fostering clear communication and efficiency.
We provided Danone with comprehensive support from technical consultants, customer success managers, and a global project manager. Weekly Q&A sessions and monthly governance meetings ensured smooth collaboration and timely progress updates.
“We really saw reactivity and proactiveness on Trustpair’s side to meet our needs and requirements. Each request or new solution was met with a solution.” Mauro Portela, Danone
Tangible Results: Achieving 100% Security and Efficiency
After nine months of partnership, Danone has achieved remarkable results in both security and efficiency. Trustpair successfully audited, cleaned, and migrated approximately 75,000 third-party vendors to Danone’s SAP S4/HANA system, covering over 70% of vendor data worldwide.
Danone has not experienced a single successful fraud attempt during this period. Furthermore, 82% of vendor controls are now completed within 72 hours, thanks to Trustpair’s contextualized assessments and dedicated team for complementary controls and high-risk situations.
“Trustpair has really been up to expectations on the main KPIs we had defined at the beginning of the project. It’s safe to say we’ve reached both of our objectives of security and efficiency.” Mauro Portela, Danone
Conclusion: A Trusted Partnership for a Fraud-Free Future
Trustpair’s proprietary machine-learning algorithm, which blends external data sources, anonymized client payment history, and mutualized data, has been key in delivering accurate risk assessments and ensuring the reliability of vendor data. This has enabled Danone to achieve their goal of zero fraud.
Trustpair has proven to be a true partner in Danone’s Vault project, actively contributing to the company’s long term objective of securing their payment processes.
This collaboration serves as a testament to the power of partnerships in combating fraud threat. Only by leveraging cutting-edge technology, robust governance frameworks, and a shared commitment to security and efficiency, can organizations fortify their defenses and outrank fraudsters.
To learn more about Trustpair, request a demo!
