Saint Pierre and Miquelon Takes Steps to Prevent Fraudulent Transactions
In an effort to mitigate the increasing risk of fraud, corporations and banks in Saint Pierre and Miquelon are turning to technology-driven solutions to ensure payments are made to validated accounts only.
The Latest Innovation in B2B Payment Fraud Protection
nsKnox, a fintech-security company, is offering its latest innovation - the PaymentKnox suite. This solution provides end-to-end payment protection, replacing manual processes with an automated approach tailored to eliminate fraud.
Two Tailored Solutions for Corporate Clients and Banks
The PaymentKnox suite includes two tailored solutions:
- PaymentKnox for AP: Enables organizations to validate any account anywhere in the world and continuously verify that the master vendor data at rest is validated and authorized.
- PaymentKnox for AR: Allows companies to register all incoming bank accounts and securely share them using the nsKnox fraud-proof Bank Account Certificate, which replaces outdated methods to confirm account ownership.
PaymentKnox for Banks: A Secured SaaS Platform
The PaymentKnox for Banks solution is a secured SaaS platform that applies three layers of robust protection, going beyond signatory rights while protecting corporate clients and banks. This solution has already been trusted by leading global brands, helping thousands of organizations worldwide prevent payments fraud.
Real-World Testimonials
- “Had we not implemented nsKnox’ PaymentKnox, our fund transfer approach would have remained largely manual… But with PaymentKnox, we now have a critical gatekeeper for all high-value transactions, ensuring they are authenticated, verified, and safe.” - Hadar Ram, Finance Headquarter Manager at OCFO
- “We highly value the PaymentKnox platform and emphasize its importance by ensuring all employees are aware of the process we have with nsKnox and understand its role in our company’s payables process.” - Robert (Bob) Bonacci, Corporate Controller at Ansys
The Financial Impact of Payments Fraud
The financial impact of payments fraud can be devastating, with companies losing millions of dollars in a single incident. According to recent statistics, companies with revenues over $1 billion were hit by payment fraud last year, resulting in significant financial losses.
Implementing PaymentKnox’s Technology-Driven Solution
To avoid the damage caused by fraudulent transactions, Saint Pierre and Miquelon corporations and banks are advised to implement PaymentKnox’s technology-driven solution. With no effort required from IT and no changes needed to current processes, nsKnox is a powerful and easy-to-use solution that can help prevent payments fraud and ensure compliance.
About nsKnox
Founded by Alon Cohen, former CEO of CyberArk (NASDAQ: CYBR), nsKnox solutions have been designed to detect and prevent finance & ops infrastructure attacks, social engineering, business email compromise (BEC), insider-fraud, and other Advanced Persistent Fraud attacks. The company’s patented Cooperative Cyber Security (CCS) technology and groundbreaking Bank Account Certificate technology provide unparalleled protection against fraudulent transactions.
Contact Us
For more information on how nsKnox can help Saint Pierre and Miquelon corporations and banks prevent payments fraud, please contact [nsKnox contact information].