With Trustpair, secure your entire payment chain and avoid vendor fraud. Integrate fraud prevention directly in your existing Procurement tools.
P2P processes are vulnerable to vendor fraud from start to finish. Implement best-in-breed software integrated directly in your Procurement tool.
Supplier relationships are key to sustainable growth. Build trusted relationships with your vendors by safeguarding your P2P.
Digital transformation brings increased risks of cyber-attacks and data breaches, with suppliers often becoming vulnerable entry points for fraud. Weak vendor cybersecurity can lead to data theft and significant damages. Common vendor fraud scenarios include:
These cyber frauds can go undetected for extended periods and may occur at any stage of the P2P. The evolving threat landscape necessitates ongoing supplier monitoring. Automated solutions like Trustpair offer continuous account validation throughout the Procure-to-Pay, providing a robust defense against these fraud techniques.
Prone to errors, fraud, and cyber-attacks, the Procure-to-Pay is at risk. The best strategy is to increase security throughout the payment chain with advanced technology like Trustpair. Our solution prevents payment errors and wipes out the risk of vendor fraud.
Thanks to Trustpair, your entire Procure-To-Pay process is secure and your team can rely on accurate, comprehensive and up-to-date vendor information.
Efficiency and collaboration are therefore critical for smooth and secure processes. Collaborating on one platform breaks down silos and ensures 360° collaboration.
As companies grow, manual vendor data controls (by email, text message, callbacks, etc) reduce productivity. With Trustpair’s automated instant validation, results are instant.
Trustpair empowers Procurement Leaders by providing a comprehensive solution to streamline and secure the entire Procure-to-Pay process. By integrating directly with existing procurement tools like Ivalua, JAGGAER, Coupa, and SAP, Trustpair offers automated account validation from vendor onboarding through to payment execution.
This seamless integration enhances efficiency by eliminating time-consuming manual controls and reducing the risk of errors and fraud. Trustpair’s real-time monitoring and smart-data enrichments ensure that vendor information remains accurate and up-to-date, with live notifications for any changes in vendor data or status.
By automating these critical security measures, we allow procurement teams to focus on strategic tasks while maintaining the integrity of their financial operations. Ultimately, we help Procurement Leaders optimize their processes, protect vendor relationships, and achieve 100% efficiency and collaboration across their procurement ecosystem.
Trustpair connects easily to your existing Procurement Portal thanks to our broad range of native integrations with leading players: Ivalua, JAGGAER, Coupa, SAP, etc.
Thanks to these integrations, vendor banking data is continuously controlled and audited directly in your Procurement Portal. We provide automated account validation during the onboarding phase but also throughout the payment chain, each time there’s a request for credential changes or before payment campaigns.
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Procurement fraud refers to dishonest and deceptive practices that occur within the purchasing process of an organization. It involves manipulating or abusing the procurement system to gain personal or financial advantages at the expense of the company. This type of fraud can happen at various stages of the procurement lifecycle and often involves collusion between internal employees and external vendors.
Common types of procurement fraud include:
1. Bid rigging: Suppliers collude to manipulate the bidding process, often resulting in inflated prices.
2. Kickbacks: Employees receive personal benefits for favoring certain vendors.
3. Conflict of interest: Decision-makers have undisclosed relationships with vendors.
4. False or inflated invoicing: Vendors submit invoices for goods or services that were not provided or at an inflated cost.
5. Phantom vendors: Creation of fake supplier accounts to siphon funds.
6. Product substitution: Delivering lower quality goods than specified in the contract.
7. Misuse of purchase orders: Using company funds for personal purchases.
8. Split purchases: Dividing large purchases into smaller ones to avoid scrutiny or bypass approval processes.
The impact of procurement fraud can be significant, leading to financial losses, reputational damage, and operational inefficiencies. To combat this, organizations need robust systems and processes in place, including thorough vendor vetting, regular audits, and advanced technological solutions.
The best defense against procurement fraud is a comprehensive, multi-faceted approach that leverages technology, management strategy, and organizational transformation. This defense strategy will:
1. Implement advanced technology solutions that provide real-time insights into spend patterns and supplier performance, enabling better detection of anomalies.
2. Develop a robust risk management strategy that includes continuous monitoring of the supply chain and procurement function.
3. Foster a culture of transparency and ethical behavior throughout the organization, involving all stakeholders in fraud prevention efforts.
4. Invest in improving the capabilities of the procurement team through ongoing training and development, enhancing their ability to identify and mitigate fraud risks.
5. Utilize data analytics to gain deeper insights into procurement processes, allowing for more informed decision-making and early fraud detection.
6. Implement strong internal controls and segregation of duties within the procurement function to reduce the risk of collusion.
7. Regularly assess and update procurement policies and procedures to adapt to changing business environments and emerging fraud threats.
8. Engage in continuous supplier evaluation and due diligence to ensure the integrity of the supply base.
9. Leverage cost-effective automation tools to streamline procurement processes, reducing manual interventions and associated fraud risks.
10. Foster collaboration between procurement, finance, and other relevant departments to create a unified front against fraud.
By integrating these elements into a comprehensive procurement transformation strategy, organizations can significantly improve their defenses against fraud while enhancing overall procurement performance and value delivery to the business.
Procurement fraud can be subtle and complex, but there are several red flags that organizations should be aware of:
1. Unusually close relationships between employees and vendors
2. Sudden changes in vendor banking information or addresses
3. Invoices with round numbers or lacking detail
4. Consistent awards to the same vendor, especially in competitive bid situations
5. Bid prices dropping significantly when a new supplier enters the process
6. Splitting of purchases to stay below approval thresholds
7. Unexpected or unjustified increase in purchases from a particular vendor
8. Vendors with names similar to established suppliers
9. Multiple invoices with sequential numbers or similar amounts
10. Pressure to expedite payments or bypass normal procedures
11. Lack of supporting documentation for purchases
12. Unusual patterns in the timing of bids or contract awards
13. Employees living beyond their means or reluctant to take vacations
14. Vendor addresses matching employee addresses or P.O. boxes
15. Complaints from losing bidders about unfair practices
Detecting these red flags requires vigilance and often sophisticated monitoring systems. Trustpair’s automated vendor verification and continuous monitoring can help identify many of these warning signs, particularly those related to vendor banking information changes or unusual payment patterns. By integrating directly with procurement and payment systems, Trustpair provides real-time alerts on suspicious activities, helping organizations catch potential fraud early and maintain the integrity of their procurement processes.
Trustpair addresses key challenges faced by Procurement Leaders in a complex and changing environment grappling with digital transformation, new supplier risks and geopolitical tensions.
Our cutting edge technology and integrated solution help with:
1. Optimizing Procure-to-Pay: Trustpair automates vendor data controls, replacing time-consuming manual processes with instant validations. This boosts team efficiency and breaks down silos across the procurement ecosystem.
2. Digitalizing Procurement Processes: By integrating directly with existing procurement tools (like Ivalua, JAGGAER, Coupa, and SAP), Trustpair implements best-in-breed fraud prevention throughout the entire P2P process. We help companies go through digital transformation in procurement.
3. Protecting Vendor Relationships: Trustpair safeguards the payment chain from start to finish, enabling procurement leaders to build trusted, sustainable relationships with vendors.
4. Enhancing Security: With secure and automated account validation, real-time monitoring, and live notifications for vendor data changes, Trustpair protects against sophisticated cyber frauds and payment errors. Risk management is streamlined and assets protected.
5. Improving Efficiency and Performance: Trustpair’s platform ensures 360° collaboration and speeds up the procurement transformation, replacing time-consuming tasks with automated processes that free up team resources for strategic activities.
6. Global Control: Procurement leaders can confidently validate vendor legitimacy across 200 countries, thanks to Trustpair’s comprehensive banking data sources network.
By addressing these challenges, Trustpair empowers Procurement Leaders to streamline operations, mitigate risks, and maintain the integrity of their financial processes in an increasingly complex digital landscape.
"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.
