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- Prevent fraud with added bank account verification
Payment Management
Prevent fraud with added bank account verification
Protect your business from payment fraud attempts and ensure accurate approvals
✔ Receive alerts for changed bank account numbers
✔ Get an overview of verification history
✔ Avoid errors and payment delays
Can your approval process withstand a fraudulent invoice?
Do you worry about unauthorized payments slipping through the cracks? As the digital landscape evolves, finance departments are confronting new and increasingly sophisticated types of fraud attempts.
Payment fraud and incorrect approvals can result in significant financial losses, but they can also tarnish your company’s hard-earned reputation. Protecting yourself against invoice fraud is therefore crucial to maintaining a successful business.
Recognizing common payment fraud tactics
Payment fraud comes in many forms and often occurs after a data breach, an identity theft, or a phishing attempt. These attacks might not directly affect your company, but a hacker attack on a vendor or a customer can still leave you vulnerable to invoice scams.
Recent examples have unveiled Beneficiary Account Change (BAC) as a popular tactic used by malicious actors to subtly alter bank account details, rerouting funds to their accounts, while posing as familiar vendors. But if the invoice looks the same, how can you tell it’s a fake?
Key benefits of verifying bank account information
Prevent fraud
Identify suspicious activities by receiving alerts if an invoice has a new or changed bank account number. Avoid financial losses by verifying new payment details, to ensure the safety and security of the account.Avoid errors
Mistakes in bank account numbers can lead to delayed or lost payments. Get notified of unverified bank account information before you make the transaction.Check verification history
Get an overview of past account changes, read comments from previous verifiers, and check which actions were taken to ensure transaction security.
Proactive fraud prevention with Bank Account Verification
As developing technology makes fraud attempts harder to spot, fraud detection becomes a demanding task in a busy work environment. At Continia, we understand the frustration of worrying about payment security, which is why we’ve added an extra layer of protection against invoice tampering to our Payment Approval module.
With the new Bank Account Verification feature, you can enhance your transaction security by receiving notifications of invoices with unverified bank account numbers, alerting you to suspicious activities. Choose if you want to verify new bank accounts via email, phone, or another method, and add comments to log additional information.
Beyond fraud detection: Streamlining the approval process
Continia’s Bank Account Verification is not only useful for detecting fraud attempts – it also helps you discover errors and discrepancies that might lead to delays or even lost payments. Combined with the existing features of the Payment Approval module, which ensures that the right payments are approved by the right people, Continia’s solution provides everything you need for a secure and efficient approval process.
Sign up for a free trial!
Tighten up your transaction security today! Try out the new Bank Account Verification feature and the rest of the Payment Approval module for 30 days with no commitment.
Simply activate the module on the Continia Solution Management page in Business Central, if you're already using Payment Management.