FEATURE: WIRE TRANSFER FRAUD
Protect your company and employees against payment fraud
Most wire transfers details originate from paper contracts or emails before they are processed.
Usually a deceptive third party places themselves in the middle of a transaction through a successful phishing scheme known as Business Email Compromise (BEC). Payments are then redirected to a third party. The result is a $26 billion scam that continues to target companies, CEOs, senior management, lawyers, accounts payable departments and the real estate market.
Improve your threat intelligence by employing Artificial Intelligence and Blockchain to create a secure business network, faster than the time it takes to make your next cup of coffee.
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COMING SOON: INVOICING
Verifying Business Identity on Invoices
Invoices are usually distributed via email, how does your company verify the invoice is a legitimate invoice?
Paying an invoice without carefully reviewing the company and invoice can cost your business more than just the amount paid. Invoicing fraud is when a third-party sends a false invoice to an organization or business. In some cases, the invoice is for services or products that were never purchased or delivered. Other times, fraudsters send a bill with inflated pricing or a duplicate bill.
Improve your threat intelligence by employing AI and Blockchain to create a secure business network, faster than the time it takes to make a cup of coffee.
Secure Your Business
A Business Email Compromise (BEC) is a specialist type of phishing attack that is becoming increasingly prevalent. BEC attacks are designed to impersonate senior executives and trick employees, customers or vendors into wiring payment for goods or services to alternate bank accounts. According to research from the FBI, BEC attacks accounted for half of the cyber-crime losses which took place in 2019.
81% ↑
In 2019, 81% of organizations were targets of attempted/actual payment fraud
74% ↑
Organizations that reported fraud, indicated 74% originated from BEC scams
61% ↑
Organizations that experienced attempted or actual payment fraud in 2019 did so as a result of BEC scams
COMING SOON: CONTRACT EXECUTION
Verifying and executing contract payments
Similar to wire transfers details, contract payment details usually originate from paper contracts or emails before they are processed.
Usually a deceptive third party places themselves in the middle of a transaction through a successful phishing scheme known as Business Email Compromise (BEC). Payments are then redirected to a third party. The result is a $26 billion scam that continues to target companies, CEOs, senior management, lawyers, accounts payable departments and the real estate market.
Improve your threat intelligence by employing AI and Blockchain to create a secure business network, faster than the time it takes to make a cup of coffee.
