Yes. Many fraud attempts occur when a legitimate payment is modified and diverted into a new account. PTX Protect flags all first time payments to new bank accounts. Users can validate a number of details to establish the payment and account details are genuine and that correct vendor onboarding processes for new suppliers have been followed.
PTX Protect can also prevent increasingly sophisticated fraud attempts such as ‘CEO fraud’ that request payments to be made that circumvent normal internal payment processes.
‘First payment to account’ enables fraudulent changes to vendor payment details common in external invoice fraud to be quickly identified. This avoids the loss of cash to the business, and late payment to the intended vendor.
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