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In 2021, 95% of companies had to deal with an attempted fraud. 3 out of 4 fraud attempts were successful. Faced with the growing threat, corporations are getting more mature about these issues, and are willing to rethink their security systems. Find out more in the study conducted by Accenture France, SAP France & Trustpair.

Trustpair and Altares unveil a practical guide to support your financial department in its Data Management strategy. Companies need to define and implement a clear Data Management strategy, to optimise and make more flowing all the processes for collecting, qualifying, using and securing data 

Trutspair, Accenture and Option Finance unveil a Fraud Study 2021 to understand how financial departments position themselves regarding the risks of wire transfer fraud in 2021. The study reveals that the fight against fraud is an important issue for 89% of CFOs. While 79% of CFOs list fraud as an issue

Would you like to know more about wire transfer fraud?

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The-7-ways-to-recognize-phishing-and-avoid-it
The 7 ways to recognize phishing and avoid it

Cybercriminals currently use emails to attack their targets (businesses or individuals). The sender deceives his recipient through the forms of email, which makes believe in a professional email from a bank, a legitimate organization or a government agency. The cybercriminal asks the recipient to click on a link redirecting to a page, to which he will confirm his data and personal information, and the trick will be done. This technique, called « phishing » , consists in extracting information or data from your account in order to defraud you. Once the hackers have them, they can create new identifiers on your account or get your sensitive information by installing malware.

So, how to recognize phishing emails? To answer this question, we will show you the various clues that can help you determine the fraudulent nature of emails coming from cybercriminals.

1. Phishing emails are usually misspelled

The first way to recognize a scam email is to check the quality of its spelling. A reliable professional mailbox rarely sends emails containing bad grammar or spelling, unlike crooks who are not organized enough for these small details. It is therefore easier to distinguish between a typo from a real sender and an error made by a scammer. In fact, scammers use translation tools or spell checkers to write their message, and these tools can give them the right words, but they don’t necessarily fit in the right context.

2. A reliable company does not ask you for sensitive information by email

When an institution asks you by email to provide sensitive information via a link or attachment, there is a good chance that it is a phishing scam. Indeed, a legitimate company will not ask you to share information about your bank details, your passwords, your tax numbers, etc. on the internet. This is an unsecured method that requires a lot of vigilance.

3. A trusted company calls you by your name

A company that collaborates and processes important information with you will not use generic messages in emails, such as “Dear account holder..” , etc. In principle, the company will call you by your name in the email and ask you to call them back by phone or to come directly to their headquarters for example. This last point is important, because there are emails that look perfect and some scammers know the name of their target, so it will be an additional way to ensure the reliability of the email.

4. A reliable company does not require you to access its website

Sometimes a phishing email is coded as a hyperlink to access the sender’s website. However, clicking (accidentally or not) on the email and landing on a web page will download spam to your computer or expose you to a vulnerability to hacking.

5. Phishing emails usually contain illegitimate and strange links

An email from a company may sometimes contain a hyperlink to another page. How to recognize phishing emails in this case?

The first thing to do is check your URL! The link may well tell you that it will direct you to such a page, but it may lead you to a site that is trapped. You must therefore ensure that the URL displayed is consistent with that displayed when you hover over the link with the mouse cursor (without clicking it). If the links are different, chances are you will be directed to a site you do not want to visit. Don’t trust a hyperlink that you don’t know or that doesn’t seem to fit the context of the email. Also, you can increase your vigilance by checking that the proposed link starts with https://.

6. Email creates a sense of urgency

Scammers know that the longer you wait to respond, the more you will notice inconsistencies or things that don’t seem reliable. For example, you may find that the email address is not your usual contact, or that you learn that your contact has not sent you an email, etc.

For an example of a sense of urgency, the scammer can impersonate the company’s boss and send an urgent request to an employee. Indeed, he knows that the employee will immediately execute his orders, which is why it is always essential to check the address of the sender and the content of the email.

7. Fake invoices : one of the main risk for your finance team

There are multiples red flags a finance team should be on the look-out for when receiving an email containing an invoice.

Any request for PII (personal identifiable information), unusual request or amount are the main warning signs.

But as scamming and phishing are becoming more and more advanced, scammers will use technics to ensure that they are successful. Illegitimate and suspicious links should be avoided at all cost. Some companies have reported that phishing emails contained hidden links.

Unfortunately, even trusted sources should be viewed as potential phishing. Scammers will create almost identical emails to fool your team into believing that the email is coming from a usual vendor.

Limiting Phishing: How to do so?

Cybersecurity in companies is now a key challenge for finance departments, and more broadly for all teams. In order to avoid identity theft and not be tricked by a phishing attack, solutions exist. Trustpair assists you in automating your third party controls by verifying the association between a beneficiary and a bank account. This way, if your company is a victim of a phishing attack, you will be alerted in real time of the threat. Trustpair helps you make decisions easily to always pay the right third-party on the right bank account.

TRUSTPAIR _ FRAUD PROTECTION SOLUTION

What-are-the-benefits-of-digital-transformation
What are the benefits of digital transformation?

Technology is changing more and more our day-to-day habits and our way of doing business. To set themselves apart in an increasingly competitive market, it is essential for businesses to embrace the new trends of the digital world. The use of efficient software allows companies to meet market demands by increasing productivity and revenues. Digital transformation means the introduction of new technologies, the improvement of current technologies, the modification of business models and processes. But it also has to do with cultural change.

Here are some benefits of digital transformation that explain why a digital company is much more competitive than a traditional company.

Increases Customer Satisfaction

Adopting a digitalisation strategy means being ahead of direct competition. Data collection, analysis and use improve the relationship with clients. Data-driven organizations are 23 times more likely to acquire clients and 6 times more likely to retain them. And they are 19 times more likely to be profitable.

One of the business benefits of digital transformation is that it allows companies to improve their knowledge of their customers’ habits. Users are always connected, informed and updated about products and services and their use or consumption. Offering a unique purchase/use/consumption experience generates an involvement that leads to re-purchase, word-of-mouth marketing and loyalty.

Drives Data-Based Insights

First of all, you have to understand what this numerical data is that we talk about so much.

These are all the information and traces that users leave on the Internet: every time they click on a site and browse its pages, interactions on social networks, searches with smartphones, …

Each action leads to the generation of a large amount of data that can be analyzed and used by companies to get more information about their target audience.

Data Management - White Paper - Trustpair x Altares

Enables Software Monetization

Other digital transformation benefits: today, all business leaders know that they need to move from a product-centric to a software-centric approach, and that software monetization brings the best return on investment. Yet many companies are sitting still because they don’t know how to start monetizing their software.

It is the digital transformation that allows the monetization of software. Using a software management solution creates a digital framework that will help you identify new revenue streams, create and secure software licenses, interact with your customers, and access business critical data.

Enables High-Quality User Experience

New software, social media and applications meet users’ need to make their lives easier. So the main goal of digital transformation is to use technology to improve the customer (and employee) experience.

Encourages Collaboration & Improves Communication

To improve innovation and results, you need a digital platform that promotes communication and collaboration across all internal departments. Digital transformation eliminates indirect communications, slow response times, information leakage and ineffective sharing of ideas. By digitizing your company’s internal communications, you will increase productivity, reliability and creativity, acquiring the benefits of digital transformation you need to outperform the competition.

Increases Agility

Digital transformation generates faster, simpler and more efficient processes and workflows. Creating automated digital workflows, designed to manage information, gives employees time to focus on business value-added activities and develop assigned projects and tasks faster.

Limits Human Error

One of the benefits of digital transformation is the elimination of time-consuming manual data entry, and thus of inefficiency and human error. Digital processes are less risky than those that require human intervention.

For example, in the case of third-party bank details checks, digitizing and automating the processes can provide greater security throughout the vendor life cycle. Digital solutions such as Trustpair, the third-party risk management platform and B2B payment fraud prevention, help you meet these challenges.
Protect your business from fraud threats through digital process transformation. Our Trustpair expert remain available to present you the platform.

Encourages an Environment of Employee Excellence

Digital transformation creates an optimal work environment for employees, redistributing activities, accelerating collaboration and leading to greater well-being and productivity for each employee.

Increases Operational Efficiency

Digitalisation makes it possible to set up new services and improve management times for processes and activities. For example, in the industrial production sector, software enables faster warehouse and logistics management, better control of sales and customer service, and faster customer response.

Enables Future Digital Growth

Among the other benefits of digital transformation this is the most important. Digital transformation is the initial act that paves the way for further growth of the company. Without investing in digital transformation, your business will soon become obsolete. To survive in the digital world, you must strive to keep rhythm. After that, you can enjoy the benefits of digital transformation, strengthen and increase your revenues for years to come.

TRUSTPAIR _ FRAUD PROTECTION SOLUTION

Fighting-Payment-Fraud--Key-Takeaways-from-the-2022-AFP-Conference
Fighting Payment Fraud: Key Takeaways from the 2022 AFP Conference

Payment fraud and cybercrime were the hot topics of the October 23-26 2022 AFP Conference in Philadelphia.
The
Association for Financial Professionals (AFP) brought together thousands of finance professionals to exchange on industry best practices. We had the opportunity to attend the major talks around fraud and decided to share our main takeaways.

Payment Fraud: Key Data

According to the 2022 AFP Payments Fraud and Control Report, 71% of organisations were exposed to payment fraud in 2021. And when Tammy Jo Bianchi (Director of Cash Management for the Commonwealth of Pennsylvania) and Kim Sipes (Director of Treasury at Duke Energy) asked the AFP attendees: “in the last two years, has your organisation been targeted by payment fraud?” 95% of the room said yes! Among those, 68% of organisations were targeted by Business Email Compromise fraud, 35% of them experienced a financial loss totaling $6.6B in 2021 reported losses.

Payment Fraud: What? Who? How?

Chris Buyers, Sr. Product Manager at PNC, shared an edifying example of what a payment fraud can look like. Chris told the true story of a client, in which a criminal impersonated the CEO of a European aeronautical company to request a €42 million wire payment for an “acquisition project”. Before they realized it was a scam, the company executed the wire transfer and lost those €42 million. What happened next? Both the CEO and CFO of the company were fired.

Unfortunately, this is not an isolated case. It can involve many different stakeholders within an organization, with the most likely targets being the Accounts Payable and the Treasury departments.

“Fraudsters are using social media, Linkedin.. they are able to map your entire organization, they are sending notes to the people in Treasury, they try to get you to give them passwords. When your email or password is compromised, they can get into your bank account.” said Frank d’Amadeo, Director of Treasury Operations at Con Edison.
Indeed, fraudsters try to appear as trustworthy and legitimate as possible. Linkedin can be a great source of data for them, but they will also analyze your email signature and imitate the font, among other techniques. “They even knew my favorite color!” added Kathy Mertes, Vice President of Digital Payments Strategy and Solution at Conduent.

How to Prevent Payment Fraud Within Your Company?

According to Lynn Cirrincione, Director of Cash & Banking Operations at Allstate:“Every single person in the organization must know what the fraud schemes are.”  
It is important to empower your employees to question suspicious emails or payment requests. However, educating is not enough and fraud can come from anywhere, at any time. Frank D’Amadeo testified: “Recently, we lost $80,000 in one of our subsidiaries. The supplier they were dealing with got hacked. They failed in identifying a change in payment instructions.”

Bank account validation requires manual cross-checking of multiple data sources, resulting in a high risk of error. “We have to be diligent to make sure we know our payees” said Kathy Merthes.

So what is the key to being best-in-class in fraud prevention? Controlling the accuracy of all your supplier data, all along your Procure-to-Pay process.
Companies need to automate these controls to continuously monitor supplier data.

Eliminating the risk of fraud within your organization is really about regaining control over your supplier data from the moment you integrate it in your system, until the payment is executed.
There would be much more focus on value and revenue growth if finance departments had more peace of mind.

💡 Trustpair is the leading payment fraud prevention platform for large corporations. We secure your B2B payments all along the Procure-to-Pay process by providing continuous, real-time international account validation. To prevent payment fraud, we recommend that you work with accurate supplier data in your systems. Get in touch with us to prevent fraudulent B2B payments in your organization.

Data Management: the cure for wire transfer fraud - write paper
Data Management: the cure for wire transfer fraud

Trustpair and Altares unveil a practical guide to support your finance department in its Data Management strategy. Companies need to define and implement a clear Data Management strategy, to optimize and make all the processes for collecting, qualifying, using and securing data more fluid.

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Fraude-Study-2021
Businesses fighting wire transfer fraud in 2021

Trutspair, Accenture and Option Finance unveil the 2021 Fraud Study to understand how finance departments position themselves regarding the risks of wire transfer fraud. The study reveals that the fight against fraud is an important issue for 89% of CFOs.

The risk of fraud has exploded during the Covid-19 crisis and the manual processes traditionally used by companies were not able to absorb this surge in volume. Waves of fake president or fake vendor frauds have had serious consequences, resulting for instance in a loss of €6.6M for a large pharmaceutical company based in France.

The study underscores this ambivalence: risk awareness is increasing, but as of 2021, very few companies have invested − or intend to invest in − a digital solution to adequately prevent wire transfer fraud. The feeling that “fraud only happens to other people” is still prevalent, and the decision to invest is too often made in reaction to a fraud or to an attempted fraud.

Fraud Study Trustpair

replay-trustpair-Altares-webinar-Data-Management
Data Management : le seul remède à la fraude au virement ?

Véritable organisme vivant, les données relatives aux tiers évoluent et se dégradent dans le temps. Si l’on ajoute à cela le niveau de risque et de sensibilité élevée de ces données, assurer leur fiabilité devient un enjeu stratégique pour les entreprises. Lors de ce webinar Data Management, nos invités d’honneur Frédéric Paresy et Michael Lisch, Ingénieurs Avant-Vente chez Altares, interviennent au côté de Baptiste Collot, Président Trustpair afin d’échanger autour des sujets Data Management, Smart Data et lutte contre la fraude.

Avec l’essoufflement du modèle Big Data et l’émergence des nouvelles technologies, les données intelligentes, ou Smart Data, ont désormais une place de choix en entreprise. Elles n’ont plus d’autre choix que de changer leur modèle de management pour assurer la qualité de leurs données tiers tout au long de la relation d’affaires et ainsi sécuriser chaque étape de leur processus Procure-to-Pay.

Au programme du Webinar Data Management

    • En quoi consiste le Data Management pour les Directions financières?
    • Comment s’assurer de travailler avec des données tiers fiables ?
    • Quelles sont les grandes étapes pour réussir un onboarding fournisseur ?
    • En quoi une bonne gestion des données protège-t-elle des risques de fraude ?

Si vous êtes intéressé.e par ces thématiques, regardez le webinar Data Management en replay.

Replay Webinar Trustpair x Altares - Data Management

podcast e-Attestions.com & Trustpair - conformité lutte fraude
Allier conformité et lutte contre la fraude

Podcast proposé par e-Attestations.com : dans cet épisode, Baptiste Collot et Emmanuel Poidevin – CEO de e-Attestations.com – échangent sur la conformité, lutte contre la fraude au virement et plus particulièrement sur la maitrise des données fournisseurs.

e-Attestations part EN LIVE avec Baptiste Collot co-fondateur et CEO de Trustpair , la solution de référence pour lutter contre la fraude au virement en entreprise.

Dans cet épisode, Baptiste Collot et Emmanuel Poidevin échangent sur la conformité, lutte fraude au virement et plus particulièrement sur la maitrise des données fournisseurs. Les fraudes au virement se sont professionnalisées. Elles se sont massifiés et la finalité est toujours la même : l’usurpation d’identité. Les attaques sont récurrentes, les occurrences connues. Il ne s’agit plus uniquement de gérer le risque mais de le couvrir.

  • Comment sécuriser la chaine opérationnelle au quotidien ?
  • Comment maitriser la qualité de ses données ?
  • Comment couvrir l’ensemble des processus de création, modification et paiement de ses fournisseurs ?
  • Comment allier conformité et lutte contre la fraude ?

Cette problématique concerne aussi bien les grands comptes que les PME ou ETI. Bonne écoute.

Podcast Fraudologie - Fraude au virement - Sécuriser ses IBAN
Sécuriser ses IBAN avec Trustpair

Podcast proposé par FRAUDOLOGI€ : Qu’est-ce que la fraude au virement ? Quelles sont les solutions pour s’en protéger ? Comment sécuriser ses IBAN ? Pour vous apporter des réponses, Denis Pénot donne la parole à Baptiste COLLOT, Président de Trustpair.

Baptiste Collot est le premier expert auquel je fais appel pour enrichir notre vision de la lutte contre la fraude. Il a fondé en 2017 la société Trustpair après avoir travaillé dans un grand groupe français où il a été confronté aux difficultés pour gérer une donnée fondamentale dans la vie d’une entreprise : l’IBAN.

Podcast Forecast - comprendre la fraude au virement
Comprendre la fraude au virement

Podcast proposé par FORCAST : Comprendre la fraude au virement  est une chose, mais savez-vous comment protéger votre entreprise ? Afin de bien aborder le sujet, Jean-François Galeo donne la parole à Baptiste COLLOT, Président de Trustpair.

Usurpation d’identité, hacking, fraude interne, ingénierie sociale… En 2018, 70% des directions financières se sont dits victimes de tentatives de fraudes au virement. Elles n’étaient que 30% en 2009 !

Dans ce nouvel épisode de Forecast – Podcast, « le podcast qui met la lumière sur le monde de la trésorerie d’entreprise », Baptiste Collot, Président et co fondateur de la société Trustpair, nous parle d’un sujet dont il est expert : la fraude. L’objectif est simple : comprendre la fraude au virement.

  • Qu’est-ce qu’une fraude ?
  • Comment les fraudeurs opèrent ?
  • Comment anticiper et limiter le risque de fraude ?