Third party control, a tool against fraud in Allmybanks
*Fake supplier fraud: the hacker poses as a supplier and claims a change in bank account details in order to divert payments.
Fake president fraud: the hacker poses as a company executive and tries to convince an employee to make an emergency transfer.
Phishing: This fraud technique consists of sending mass emails or text messages requesting the validation or updating of personal information in order to steal it and extract funds.
Prevent wire transfer fraud with third party control
How does third party control work?
- When you create a new beneficiary (whether entered or imported from an external file).
- When you modify a beneficiary’s information (name, country ID and country ID type).
- When you add a new bank account for a beneficiary.
- When you modify a beneficiary’s bank account information (account number type, account number, R.I.B. and BIC).
This function is available in Allmybanks at no extra cost (but requires a subscription with one of our partners Sis ID or Trustpair). It also reduces significantly transfer fraud risk, eliminates human error by limiting manual controls, and keeps your third party database up to date and secure.