With Trustpair, avoid vendor fraud. Focus your efforts on high-value missions and strategic decision-making.
96% of US businesses were targeted by vendor fraud at least once in 2023. Secure your financial processes thanks to automated account validation.
Vendor payment fraud is on the rise, with 96% of US companies targeted at least once in 2023. The rise of AI tools like ChatGPT has made it easier for fraudsters to create convincing phishing – whaling, spear phishing, etc – schemes across various platforms. As cybersecurity and fraud become increasingly intertwined, detection grows more challenging. The impact of vendor fraud can have cascading effects: financial losses, damaged reputation, severed partner ties…
To combat this escalating risk, CFOs must prioritize cybersecurity and fraud prevention investments to protect their businesses and assets effectively.
The ultimate solution for CFOs to avoid vendor fraud is implementing fraud prevention software like Trustpair to confidently validate vendor bank accounts throughout the P2P process. Our fraud prevention platform:
Our automated account validation system is based on the most comprehensive network of bank account databases on the market and checks:
CFOs face the ongoing challenge of maintaining competitiveness. Operational efficiency is critical and traditional fraud prevention and vendor management methods can hinder productivity and efficiency.
Manual fraud prevention controls (by email, text message, callbacks, etc) take up at least 30 minutes for one vendor. With Trustpair’s automated validation, results are instant.
We offer comprehensive protection against vendor fraud risks, a growing concern for CFOs. With fraud on the rise, it’s crucial to safeguard cash flow and maintain positive relationships with customers and suppliers.
Our anti-fraud solution ensures 100% reliability of vendor data throughout the procure-to-pay process. By leveraging banking data, smart algorithms, and human expertise, Trustpair secures the payment chain from end to end, eradicating the risk of vendor fraud.
This enhances security but also frees up finance teams’ time, reducing manual verifications and embracing digital transformation. With Trustpair, CFOs can ensure they always know who they’re paying, allowing their businesses to thrive in an increasingly complex financial landscape.
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Chief Financial Officers (CFOs) face several significant challenges in today’s business environment:
To address these challenges effectively, CFOs are increasingly turning to digital transformation, adopting advanced financial technologies, and focusing on data-driven decision-making to navigate the complex business landscape of 2024 and beyond.
CFOs today face a rapidly evolving financial landscape, and their top priorities reflect the need to balance strategic growth with risk management. In the coming years, CFOs will focus on:
By focusing on these priorities, CFOs will help their organizations navigate uncertainties, capitalize on growth opportunities, and maintain a competitive edge in an increasingly complex business environment.
CFO fraud, also known as executive fraud or C-suite fraud, is a type of financial deception perpetrated by high-level executives within a company.
It involves the manipulation of financial records, misrepresentation of company performance, or misappropriation of funds by those in positions of financial authority. CFO fraud can take various forms, including falsifying financial statements, embezzlement, insider trading, or creating fictitious transactions to inflate profits.
These fraudulent activities are often complex and well-concealed, making them challenging to detect. The motivations behind CFO fraud may include personal financial gain, meeting performance targets, or maintaining the appearance of company success.
The consequences of such fraud can be severe, leading to significant financial losses for the company, damage to its reputation, legal repercussions, and loss of investor confidence. High-profile cases of CFO fraud have led to increased scrutiny and stricter regulations in corporate financial reporting and governance. To combat CFO fraud, companies implement robust internal controls, regular audits, and whistleblower programs, while also fostering a culture of ethical behavior and transparency.
Another significant type of CFO fraud involves criminals impersonating the Chief Financial Officer to deceive employees or partners. In this scheme, fraudsters often use sophisticated social engineering tactics to mimic the CFO’s communication style and authority. They typically send urgent emails or make phone calls requesting immediate wire transfers or sensitive financial information. These attacks often exploit the hierarchical nature of organizations, pressuring lower-level employees to act quickly without proper verification. The consequences can be severe, potentially resulting in substantial financial losses and damaged business relationships.
CFOs are responsible for preventing various types of fraud that can significantly impact their organizations. The main types of fraud CFOs must guard against include:
CFOs must implement robust internal controls, leverage technology solutions, and foster a culture of integrity to effectively prevent and detect these fraud types.
"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.
