The all-in-one solution for preventing and detecting wire transfer fraud

Trustpair helps financial departments of Mid-Caps & Major groups verify their suppliers’ bank details and automatically check their payments.

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150+ Financial departments trust Trustpair

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Trustpair secures Third Party Data throughout the Procure-to-Pay process

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Third Party

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Add/edit a third party bank account

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VMF continuous audit​

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Batch payment verification

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Bank
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  • 1 Check
  • 2 Audit
  • 3 Secure
AUTOMATIC BANK DETAILS CHECK

Secure controls when editing or adding a third party

  • Control bank details instantly
  • Worldwide coverage
  • Natural and legal persons controls
  • Single or batch data import
  • No more input errors
  • Traceability of each controlled performed
VENDOR MASTER FILE CONTINUOUS AUDIT

Manage data reliability throughout the third party lifecycle

  • 360° overview of the third party database
  • Errors and anomalies detection & reporting
  • Enrichment of banking and legal data
  • Smart data suggestions & automatic corrections
  • Real Time monitoring
  • Alerts and notifications in real time
BATCH PAYMENT SAFETY

Ensure payment security before sending files to bank

  • Suspicious or abnormal behavior detection
  • Errors, duplicates and amount anomalies detection
  • In-depth control of each payment line
  • Compliance checks overview among payment journey
  • Integrated with payment tools

Main benefits for your Finance department Treasury department Accounting department Purchasing department Shared Service Center

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Fraud protection

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Global Coverage

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Business Tools Integration

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Dedicated support & assistance

Strengthen Procure-to-Pay processes within your company to manage fraud risk.

Let’s fight fraud, together!

Trustpair is surrounded by the most prestigious partner network to support Financial departments of Mid-caps and major groups in their projects to fight wire transfer fraud and digitize their processes.

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Find out all the resources your Financial team needs: best practices, expert advice, tips, latest trends

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img-fraud-risk
The Importance Of, And Strategies For, Effective Fraud Risk Management
Reading Time: 3 minutes

Any organisation is at risk of fraud. Regardless of size, sector, or country and from within or without. It is a global problem, and it is estimated that a lot goes undetected or unreported. It may be difficult to put a number on the true cost, but the statistics are not encouraging. The international accountancy body CIMA (Chartered Institute of Management Accountants) looked at various surveys and found that “organisations may be losing as much as 7% of their annual turnover as a result of fraud”.

All companies are at serious risk of fraud

There are various ways in which companies are open to white-collar crime, both from their own employees and outside perpetrators:

  • Internal risk: employees can exploit systems and processes to divert funds to their own accounts or to others’, defraud clients, launder money, use embezzled money for illicit purposes and so on. A 2020 survey by PwC reported that 37% of frauds were committed by employees and 20% involved an employee colluding with another party.
  • External risk: if cybersecurity is compromised organisations can find themselves at risk of business email compromise (BEC) and all its related elements (phishing, ransomware, CEO fraud, ID theft and so on). The FBI’s 2020 Internet Crime Report listed losses in the US due to BEC (business email compromise) and EAC (email account compromise) as over USD 1.86 billion. Corruption and bribery are also possibilities.

Employees with access to funds are most likely to be the victims or perpetrators of fraud. Therefore, finance department employees are most at risk. They can use their position to exploit weaknesses in company systems to use or acquire funds or commit accountancy fraud. They may deliberately collude with others through corruption, blackmail, or bribery. They can be manipulated by outsiders into diverting funds to fraudulent accounts and become the innocent, unwitting victims of fraud, scammed into transferring funds.

Organisations need robust procedures, systems, and software to help protect against these internal and external threats. Fraud does not only impact a company’s bottom line. It can affect a company’s reputation and goodwill. And if an organisation is found to be negligent by regulators or the courts there can be hefty fines to pay. It is not just company money at stake: customer data and client money must also be secure.

What is fraud risk management and why is it so important?

To effectively protect against fraud an organisation first needs to identify what its risks are. An effective fraud risk management framework can then be established to adopt systems and processes to mitigate those risks. It is a vital part of business strategy. As fraud increases so does scrutiny by governments and regulators. Companies must be able to demonstrate that they are proactive and committed to fighting fraud using a comprehensive and targeted approach. They need to find and fix the weaknesses in their systems and then monitor and maintain them. The potential regulatory, legal, financial, and reputational costs are too high to ignore.

Identifying and managing fraud risk

Fraud needs to be prevented, deterred, detected, and investigated. By auditing company practices and procedures and establishing and correcting weaknesses organisations can stay one step ahead.

  • Education of employees is key. Business email compromise frauds evolve constantly, and employees should be aware of the social engineering techniques fraudsters use to obtain information. They should understand how information is then used to obtain funds and the warning signs to watch for.
  • Weaknesses in processes should be addressed. Web-based emails should be avoided to make it harder for hackers. Multifactor authentication should be employed for systems access. The movement of funds should undergo a strict process that cannot be overridden by an individual. Payments should require dual approval by a limited pool of people. Payment details and changes should be verified independently of email requests. Audits should be performed regularly and with sufficient detail to detect anomalies.
  • Manage risk with systems. Software that is designed to take out the risk of human error or deliberate fraud will also save time and free up employees to perform other duties. Trustpair’s software verifies bank and corporate details worldwide and runs automatic checks of your payment files to detect suspicious behaviour.

Company fraud and risk management policy

Once an organisation has identified weaknesses making them vulnerable to fraud and instigated changes it is important to maintain this as an ongoing process. A company-wide policy should be established ensuring cross-department understanding and cooperation. Goals, responsibilities, and accountability should be made very clear.

Early detection will deter others and prevent much larger losses. We would love to demonstrate how Trustpair software can augment your fraud risk management programme. Contact us to request a demo and help keep your business safe.

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Key Takeaways:

  • All organisations are at risk of internal and external fraud
  • Weaknesses can be identified and managed, and robust policies introduced
  • Trustpair software will give extra security and peace of mind
white collar
What Is White-Collar Crime And How Can It Be Prevented?
Reading Time: 3 minutes

White collar was a term coined in the 1930s relating to workers in offices: men typically wore a white shirt and tie whereas manual labourers tended to wear blue overalls (blue-collar). White-collar crime is committed against a business, often by an employee, or by an organisation if individuals within it are powerful enough. 

The FBI describes white-collar crimes as “characterized by deceit, concealment, or violation of trust and are not dependent on the application or threat of physical force or violence. The motivation behind these crimes is financial—to obtain or avoid losing money, property, or services or to secure a personal or business advantage”.

The value of an organisation’s losses to white-collar crime is not limited to the sum in question. The financial and reputational consequences can be far reaching. There may be court cases and significant penalties payable. And the loss of reputation can destroy a business.    

White-collar crime statistics show a huge problem

The depth and breadth of white-collar crime is enormous. Organisations can deliberately mislead investors with false information to inflate their share price or evade tax; hide, destroy, or falsify documents; launder money; or be involved in corruption. Individuals can embezzle, steal, hide losses, spy for competitors, sabotage systems or manipulate markets. The scope is huge. 

According to the PwC’s 2020 Global Economic Crime and Fraud Survey, nearly half of all fraud committed was by people ‘invited in’ rather than external forces. They found that 37% were committed by employees, and 20% involved collusion between an employee and another party. And 43% of reported frauds in 2020 resulting in losses of over USD 100 million were committed by insiders.

White-collar criminals hide in plain sight. They are typically male, well-educated, and in their mid-forties. They are often married and involved in the community. They are employed in positions of trust.

Examples of white-collar crime

There are several main areas of white-collar crime, with each offering various ways for criminals to make money.

  • Corporate fraud

Most corporate fraud cases involve falsifying financial information or manipulating share prices. This can imply a better financial position or be used to evade taxes or regulatory requirements.

Businesses or individuals within a company can manipulate markets, ‘front-run’ orders or use inside information to benefit from share price movements.

Front-running is when a trader expects an order for a certain stock or commodity and buys or sells it for their company. When the order comes in they will profit at the client’s expense.

Insider trading is using privileged information not in the public domain to profit. For example, buying a stock knowing the company will make an announcement that will cause a large spike in the share price. It can then be sold for a profit when the information is released and the price moves.

  • Money laundering

This can be done by individuals with or without an organisation’s knowledge. Money from illegal sources such as drugs, trafficking, corruption, or terrorism will be ‘cleaned’ so it appears to have come from legitimate business activities.

  • Securities and commodities fraud

Investment fraud covers a multitude of sins. From the well-known Ponzi and pyramid schemes whereby new investors fund older investors’ ‘returns’, to fraudulent funds and trading programmes, criminals target victims with promises of quick, significant returns.

In cases of embezzlement an employee could use a client’s funds for their own purposes, or to cover up losses or a lack of liquidity in another part of the business.

  • Other types of white-collar crime

Computer system sabotage, competitor espionage, bribery, extortion, identity theft, embezzlement of company funds: the list can seem endless.

The real cost of white-collar crime

The cost of white-collar crime is not limited to the headline figure. It can affect a company’s reputation, goodwill, and profitability.

In 2016 Wells Fargo was reported to have opened unauthorised client accounts and mis-sold products. The share price quickly fell 13%, reducing their market capitalisation by USD 20 billion. They were fined USD 1.185 billion and legal claims cost USD 575 million. 

Bernie Madoff’s Ponzi scheme cost investors USD 65 billion. He got 150 years in prison and was ordered to make USD 170 billion in restitution. Sadly, the fallout also led to his son’s suicide.

Protection against white-collar crime

Companies need robust processes that are followed properly. Early detection can prevent a full-scale disaster. Technology can be used as an extra layer of protection and Trustpair’s solutions will reduce your risk. Our Payment Security system runs an automatic check of third-party payment files and detects suspicious behaviour. Our Bank Supplier check reduces time and money costs as well as increasing security.

Let us show you how our software can help reduce your company’s risk of white-collar crime. Contact us to request a demo: keep your business safe.

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Key Takeaways:

  • All companies and organisations are at risk of white-collar crime
  • The cost is not limited to the amount stolen
  • Trustpair software will give extra security and peace of mind
achieving sales goals without cold calling
How can Sales Reps reach their goals without having to cold call ? 
Reading Time: 4 minutes

In most companies, Marketing and Sales teams always feel the same pain: marketing doesn’t bring in enough leads, while sales don’t process them quickly enough. However, sales and marketing teams must work in harmony, through recurrent communication, clear organisation, and common goals. 

Meet Agathe, Head of Marketing, and Vianney, VP Sales, who enlighten us on how implementing a strict qualification process ensures the proper functioning of a Large Corporate Sales strategy. 

Getting the Sales Machine on track

Results don’t “just happen”, especially when you want to run a Large Corporate Sales strategy. To reach goals and create a successful sales machine, you need an efficient team, as well as strong methods, including clear processes and prospecting agility.

But how can you do business without cold calling? – you might say.  Well prospecting is essential, even for Sales Representatives whose role is not just to close deals. But a real Sales / Marketing alignment ensures to redesign the journey. Sales Reps at Trustpair were confused at first, but believe it or not, they can’t do without it today! When you save time focusing on a main objective, you can only go forward. 

Sales x Marketing: process alignment truly matters

In some companies, the Sales team spends almost 80% of their time on prospecting and process. But in the end, isn’t selling mainly about science and mechanisms?  Sometimes all you need to do is putting the right assets in the right place to ensure effectiveness and efficiency of actions.

Sharing common goals is a must-have, and ensuring transparency is the only way to avoid frustration. That’s why both Marketing and Sales team should follow only one North Star Metric: at Trustpair, our NSM is the amount of Monthly Opened Transactions.

For Sales teams to take an advantage out of a rigorous organization, it also helps the Marketing team to increase the impact and follow-up of its actions. Especially as most marketing results are intangibles, following common goals and sharing similar KPIs incredibly helps to monitor lead generation.

Besides setting processes and structure, communication is the key. Without it, Marketing – Sales – SDR teams cannot work hand in hand. Finally, using common tools also allows you to align actions. We can mention Hubspot, for example, to communicate and be transparent about ongoing actions, or Modjo to facilitate onboarding and training.

From lead to customer: a well-honed methodology

Is the sales machine up and running? Are Sales Reps & Marketing on board? Now it’s time to get down to business by: handling leads, nurturing them, and creating highly qualified business opportunities !

Of course, there’s nothing better than a conversion funnel tailor-made for your organisation. Ours has been set up in 2020, and has proved its worth by delegating prospecting tasks to SDR and marketing members while the Sales Reps focus on the core aspect of sales tasks.

1. Inbound & Outbound leads

There are multiple acquisition channels for generating leads: inbound, outbound, partner networks. None of them should be left out. Each lead needs to be tracked, and nurtured to identify strict qualification criterias, such as: profile, need, pain and interests. Of course, each company has its own qualification criterias depending on its Product or Market. 

2. From lead to Marketing Qualified Lead (MQL)

SDR Team takes action to contact the lead and qualify its profile. Via Marketing automation,nurturing sequences and lead scoring running through Hubspot CRM, they can monorit how the lead evolves in the funnel, and determine THE right moment to get in touch with them. To reach the next stage of the funnel, leads have to match with our persona, company size scope, and have an identified need or pain. 

3. From MQL to Sales Qualified Lead (SQL)

Thanks to nurturing sequences and an automated qualification process, the BANT methodology then makes an entrance to identify four additional qualification criterias:  budget, authority, need and timeline.  

4. Transaction opening and sales funnel

After this set of qualification run by automation and SDR team, Sales Reps retrieve the opportunities. All key contact information is available through MODJO records, Hubspot notes following strict templates, and provided qualification criterias. Now it’s their turn to convert! For the success of a Large Corporate Sales strategy, MEDDIC methodology is really effective. 

Satisfying both marketing and sales reps

All of those steps allow a crystal-clear organisation for sure, but not only. Good methodology avoids frustration within the sales team: we know why we are opening or losing an opportunity, and why it’s moving forward in the sales cycle. Everything is transparent, accessible, and last but not least, everyone has a defined role in the process.

About that… Hyper-specialisation can be frightening – that’s also what we felt at first – but specialization is also an asset. Being a Swiss Army knife is not always a strength. Do not forget that prospecting is a full-time job, it should not be reduced to a simple task to be done.

Culture is key to master the Sales Machine

Team and work culture are usually kept apart. But guess what? They shouldn’t. While Marketing and Sales alignment is needed, communication,and transparency are key! By the way, beyond the Sales/Marketing sphere, signing a deal should be shared – and celebrated – with the whole team.

Cultural fit also concerns adherence to working methods: rigorous methods means working with organized and efficient team players, who approved the sales machine methodology.

Finally, it’s also about people’ personalities. When a strong culture is shared in the company, as it is at Trustpair, you have to hire talents  who are 100% in line with the culture. For us, the right culture is about taking on initiatives, having a huge team spirit, loving to communicate, trusting other players, and of course being motivated to carry out long-term projects!

Where do you sign up to quit cold calling ?

Sales and Marketing teams are not against each other, but work hand in hand. Defining each other’s role is a must-have to ensure a well-oiled sales machine. Managing the tools and applying the method ensures smooth processes and internal communication.

Lead generation is only the beginning of a long and tedious road, especially for Large Corporate Sales strategy. Setting up a marketing team to generate leads, an SDR team to ensure cold calling and a sales team to follow up on the sale processes is a good way to scale.

But even though well-functioning processes like this may seem perfect, they do need to be challenged over time. To ensure that everyone keeps their role, defining new functions and staffing up remains essential. At Trustpair, this is the conclusion we draw. 

Whether you are looking for an Account Executive position to take care ofMid Market accounts, or a Key Account Manager to manage existing client portfolios to expand / upsell, you may apply ! Do you want to join the sales machine? Visit our Career Page and if you want to know more about our processes, feel free to chat with us.

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Data Management: the cure for wire transfer fraud - write paper
Data Management: the cure for wire transfer fraud

Trustpair and Altares unveil a practical guide to support your financial department in its Data Management strategy. Companies need to define and implement a clear Data Management strategy, to optimise and make more flowing all the processes for collecting, qualifying, using and securing data.

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Fraude-Study-2021
Businesses fighting wire transfer fraud in 2021

Trutspair, Accenture and Option Finance unveil a Fraud Study 2021 to understand how financial departments position themselves regarding the risks of wire transfer fraud in 2021. The study reveals that the fight against fraud is an important issue for 89% of CFOs.

The risk of fraud has exploded during the health crisis, overwhelming the traditional manual processes used by companies. Waves of fake president or fake vendor frauds have had serious consequences, resulting for instance in a loss of €6.6M for a large pharmaceutical company based in Rouen, France.

The study underscores this ambivalence: risk awareness is increasing, but as of 2021, very few companies have invested − or intend to invest in − a digital solution in place to adequately prevent wire transfer fraud. The feeling that “fraud only happens to other people” is still prevalent, and the decision to invest is too often made in reaction to a fraud or attempted fraud.

Fraud Study Trustpair

replay-trustpair-Altares-webinar-Data-Management
Data Management : le seul remède à la fraude au virement ?

Véritable organisme vivant, les données relatives aux tiers évoluent et se dégradent dans le temps. Si l’on ajoute à cela le niveau de risque et de sensibilité élevée de ces données, assurer leur fiabilité devient un enjeu stratégique pour les entreprises. Lors de ce webinar Data Management, nos invités d’honneur Frédéric Paresy et Michael Lisch, Ingénieurs Avant-Vente chez Altares, interviennent au côté de Baptiste Collot, Président Trustpair afin d’échanger autour des sujets Data Management, Smart Data et lutte contre la fraude.

Avec l’essoufflement du modèle Big Data et l’émergence des nouvelles technologies, les données intelligentes, ou Smart Data, ont désormais une place de choix en entreprise. Elles n’ont plus d’autre choix que de changer leur modèle de management pour assurer la qualité de leurs données tiers tout au long de la relation d’affaires et ainsi sécuriser chaque étape de leur processus Procure-to-Pay.

Au programme du Webinar Data Management

    • En quoi consiste le Data Management pour les Directions financières?
    • Comment s’assurer de travailler avec des données tiers fiables ?
    • Quelles sont les grandes étapes pour réussir un onboarding fournisseur ?
    • En quoi une bonne gestion des données protège-t-elle des risques de fraude ?

Si vous êtes intéressé.e par ces thématiques, regardez le webinar Data Management en replay.

Replay Webinar Trustpair x Altares - Data Management

Webinar Accenture x Trustpair
Les entreprises face au risque de fraude au virement en 2021

En partenariat avec Accenture et Option Finance, Trustpair vous propose de découvrir lors d’un webinar inédit les mesures prises par les entreprises afin de faire face aux risques de fraude au virement.

Quel est le niveau de risque et de maturité des entreprises face à la fraude au virement en 2021 ?

En compagnie de Elodie Bananier Senior Manager – Compliance and Financial Services chez Accenture et Baptiste Collot, Président de Trustpair, assistez en direct à la restitution des résultats de notre Etude Fraude 2021 co-réalisée avec Option Finance et Spoking Polls.

  • Comment se positionnent les Directions financières face au risque de fraude au virement ?
  • Quelle place occupe la lutte contre la fraude au sein des entreprises ?
  • Quels sont les dispositifs et investissements digitaux envisagés en 2021 ?

Pour connaître les réponses à ces questions et découvrir le compte-rendu de l’étude, regardez le webinar fraude au virement en replay.

Webinar en replay - Trustpair x Accenture

podcast e-Attestions.com & Trustpair - conformité lutte fraude
Allier conformité et lutte contre la fraude

Podcast proposé par e-Attestations.com : dans cet épisode, Baptiste Collot et Emmanuel Poidevin – CEO de e-Attestations.com – échangent sur la conformité, lutte contre la fraude au virement et plus particulièrement sur la maitrise des données fournisseurs.

e-Attestations part EN LIVE avec Baptiste Collot co-fondateur et CEO de Trustpair , la solution de référence pour lutter contre la fraude au virement en entreprise.

Dans cet épisode, Baptiste Collot et Emmanuel Poidevin échangent sur la conformité, lutte fraude au virement et plus particulièrement sur la maitrise des données fournisseurs. Les fraudes au virement se sont professionnalisées. Elles se sont massifiés et la finalité est toujours la même : l’usurpation d’identité. Les attaques sont récurrentes, les occurrences connues. Il ne s’agit plus uniquement de gérer le risque mais de le couvrir.

  • Comment sécuriser la chaine opérationnelle au quotidien ?
  • Comment maitriser la qualité de ses données ?
  • Comment couvrir l’ensemble des processus de création, modification et paiement de ses fournisseurs ?
  • Comment allier conformité et lutte contre la fraude ?

Cette problématique concerne aussi bien les grands comptes que les PME ou ETI. Bonne écoute.

Podcast Fraudologie - Fraude au virement - Sécuriser ses IBAN
Sécuriser ses IBAN avec Trustpair

Podcast proposé par FRAUDOLOGI€ : Qu’est-ce que la fraude au virement ? Quelles sont les solutions pour s’en protéger ? Comment sécuriser ses IBAN ? Pour vous apporter des réponses, Denis Pénot donne la parole à Baptiste COLLOT, Président de Trustpair.

Baptiste Collot est le premier expert auquel je fais appel pour enrichir notre vision de la lutte contre la fraude. Il a fondé en 2017 la société Trustpair après avoir travaillé dans un grand groupe français où il a été confronté aux difficultés pour gérer une donnée fondamentale dans la vie d’une entreprise : l’IBAN.

Podcast Forecast - comprendre la fraude au virement
Comprendre la fraude au virement

Podcast proposé par FORCAST : Comprendre la fraude au virement  est une chose, mais savez-vous comment protéger votre entreprise ? Afin de bien aborder le sujet, Jean-François Galeo donne la parole à Baptiste COLLOT, Président de Trustpair.

Usurpation d’identité, hacking, fraude interne, ingénierie sociale… En 2018, 70% des directions financières se sont dits victimes de tentatives de fraudes au virement. Elles n’étaient que 30% en 2009 !

Dans ce nouvel épisode de Forecast – Podcast, « le podcast qui met la lumière sur le monde de la trésorerie d’entreprise », Baptiste Collot, Président et co fondateur de la société Trustpair, nous parle d’un sujet dont il est expert : la fraude. L’objectif est simple : comprendre la fraude au virement.

  • Qu’est-ce qu’une fraude ?
  • Comment les fraudeurs opèrent ?
  • Comment anticiper et limiter le risque de fraude ?

Trustpair in the media

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