NEW YORK, NY / ACCESS Newswire / March 11, 2025 / With its automated global account validation platform, Trustpair enables large corporations to clear out vendor fraud. According to data from Trustpair, over 90% of United States companies were targeted by cyber fraud in 2024, an increase from 79% in 2023. Nearly half of US companies reportedly exceeded losses of $10 million in 2024, with 38% of US companies targeted by payment fraud more than 10 times.
Limits of Manual Validation
Despite the spread and growth of cyber fraud methods, not to mention the rise of artificial intelligence (AI) technology, several large corporations still rely on manual verification methods to validate an account-a necessary security process in today's digital age.
Why Do Businesses Need Account Validation?
Simply put, account validation is the process a business uses to confirm that the account it sends money to is the intended recipient. The process verifies that an account is valid and that the owner or business is who they say they are by confirming various sets of information. A business knows that the account is valid if it matches and is real.
Failure to authenticate an account in business can create legal risks, including corporate fines, audits, and operational risks, such as damage to supplier relationships. Of course, businesses also expose themselves to sophisticated fraud schemes, ranging from phishing attacks to CEO impersonation.
A Trend of Misplaced Confidence
Still, many business executives are confident in their teams' ability to spot deepfakes, deep audio, phishing attempts, and other cyber threats at a glance. In reality, teams can struggle to keep up with the rapidly changing landscape of cybercrime, meaning that businesses need to adopt a company-wide solution to the issue of financial fraud risks. It is vital that executives remain up to date on current technology to help educate their teams against cybersecurity threats.
Often, this comes in manual verification methods, a time-consuming process open to human fallibility. A single manual vendor account verification can take over 30 minutes on average, and the financial professional who verifies the account for a business may not even detect payment fraud.
The Benefit of Automated Systems
Businesses can turn to an automated account validation service rather than relying on systems prone to human error. Such services enable financial professionals to automate internal account validation with specially adapted technology, offering both efficiency and reliability. In an era of spreading cyber crime, companies need to take the next steps to transform their vendor verification process and secure legitimate payments.
The best global account verification services can instantly validate vendor bank accounts across over 190 countries. By eliminating the need for manual checks, teams previously dedicated to manual account validation can contribute their resources to other aspects of the business. This way, companies know that their financial validation concerns have been addressed, and their resources are allocated more efficiently.
Protecting Against Future Fraud
As companies anticipate continued increases in payment fraud attempts related to account validation concerns, the appeal of an automated validation service becomes more apparent. Phishing emails are more convincing with the rise of tools like ChatGPT, and deepfakes are achieving similar results with generative AI.
Every business needs to avoid fraud, so it is essential to examine internal processes and determine the best solution. As cybercrime becomes more refined, a strong defense will be key to business integrity.
About Trustpair:
Trustpair empowers global companies to eliminate vendor payment fraud with its market-leading automated account validation platform. The company serves over 400 enterprise customers, protecting their finance teams against 100% fraud attacks. With a global presence from New York City to Milan, Trustpair's team is prepared to guard against sophisticated fraud tactics and promote growth. The company is the leading payment fraud prevention platform worldwide for large companies.
Company Name: Trustpair
Trustpair
3, World Trade Center
175 Greenwich St
New York, NY 10007
USA
Phone Number: +1 302-330-2354
Email: contact@trustpair.com
Website: https://trustpair.com/
SOURCE: Trustpair
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