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The statistics are scary. Successful B2B payments fraud attempts grew by a third in 2021, per the FBI, with business losses reaching over $7 billion in the United States.
Companies who have minimal security for their payments, or use a fraud-prone payment method (like checks), need to think seriously about how to mitigate this very real risk. Electronic payment platforms like Paymode-X can help to prevent payments fraud.
Preventing Payments Fraud for Buyers and Suppliers Alike
Paymode-X processes over $350 billion in payments annually for 500,000-plus payers and suppliers with zero instances of fraud.
This is all thanks to a closed network with multiple levels of security. Here are just some of the elements of the Paymode-X network that keep buyers and suppliers safe:
Shut Out Known Bad Actors
Paymode-X ensures every supplier is legitimate by automatically validating the business against the U.S. Treasury Department’s complete list of fraudulent companies. If a supplier company is flagged during this authentication process, the supplier will not be able to request or receive payments through the Paymode-X network.
Verify Identity Digitally
Paymode-X automatically validates suppliers’ names, addresses and contact details to ensure businesses in its network are legitimate. This helps ensure suppliers are who they say they are. In addition, the system will double-check that the individual signing up for a Paymode-X account is a legitimate representative of that company. The user will be denied access to the associated Paymode-X account if anything is amiss.
Perform Device Fingerprinting
Paymode-X knows who, how, and why Paymode-X is being accessed and can shut down any suspicious attempts to access your account. So, if you usually log in to Paymode-X via Chrome on an HP laptop in southern California, but there’s suddenly an account log in attempt on a mobile device using Safari in Germany, Paymode-X will stop the login in its tracks.
Require Multi-Factor Authentication
Paymode-X wards off fraud attempts by putting payments and account changes behind several challenges that only authorized users know the answers to. This helps protect your most sensitive information.
Feel Confident with Secure Payments
Paymode-X scrutinizes access and account changes for both payers and suppliers – at all times. So, there’s protection on both sides.
And, with the stakes so high when it comes to fraud, you should vet your prospective B2B supplier payment partners as carefully Paymode-X sniffs out fraudsters.