How Can We Protect Millions in Supplier Payments?

Exploring the ways to discourage and stop fraudsters from targeting your company and stealing money meant for suppliers.

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This FREE webinar was recorded on:
28 June, 2022
11:00 AM - 12:00 PM EST

Business circumstances have changed. Fraud has increased. Fraudsters continue to get more and more sophisticated, infiltrating email addresses, hacking into company systems and impersonating suppliers.

While all companies, especially large, Global 2000 organizations, have some controls in place to prevent payments from going to the wrong bank accounts, many of these controls are manual and don’t take advantage of best practices, large multi-million-dollar frauds happen. But there are ways to discourage and stop fraudsters from targeting your company and stealing money meant for suppliers.

The most powerful bank account change controls are built on layers of protection, from robust access controls to multi-enterprise network intelligence. Supplier enablement leader for Koch Industries, Ray Swetnam, will discuss how he and his organization are continuously improving their fraud controls with automated validation, collaboration with banks, governments and peers and a tightly controlled supplier onboarding platform.

This webinar explores:

  • Why calling the supplier, the most frequently used method of verifying a bank account change, is a very poor control
  • What real-time bank account ownership validation is and how banks and governments are participating
  • The value of building bank account change controls into a supplier-facing portal platform

Speakers:

Ray Swetnam
Director of Finance and Procurement
Koch Global Services

Ray moved into the Sr. Manager Supplier Enablement role at Koch Global Services in May 2021. Under his leadership, the supplier enablement team has transformed into a fully leveraged capability supporting nearly all of Koch Industries Supplier onboarding and master data management. His team’s focus has been to deliver accurate and timely supplier information to the enterprise they support all while reducing fraudulent payment risk.

Barry Cook
Director, Pre-Sales Consulting
apexanalytix

Barry began his career with apexanalytix in a P2P Consultant role, providing clients with best practices and process efficiencies to optimize their use of the apexportal solutions. He recently moved to a pre-sales consulting role assisting companies on utilizing apexanalytix software solutions to meet their business needs. Barry earned his BA (Hons) Business Management degree from the University of Northumbria in England.

In Collaboration With:


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