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

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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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Trustpair & Altares white paper - Data Management & Transfer Fraud
Securing and controlling third-party data to combat (cyber) fraud
Reading Time: 5 minutes

Financial departments are the prime targets of fraudsters and must constantly strengthen their protection measures. But what if the key to preventing fraud was better management of third-party data, which is both enhanced and continuously updated? Although companies are aware of these risks, they are still struggling to apply an appropriate data management model. By ensuring dynamic management of third-party control, financial departments can thwart the multiple facets of these risks, including identity theft, the number one threat to companies today. Ensuring control of third-party data is now an essential step. Find out in this article how optimizing your data management strategy can help your company fight against wire transfer fraud.

Third-party Data Management: a priority issue 

The security of third-party data requires a dynamic approach and real-time updating. Indeed, a third party’s information may change over time. In this context, there are two levels of information:

  • The information created: orders, credit notes, flows, etc.
  • Subjected information: information relating to third parties with whom the company works

In order to properly process these two types of data, the following methodology, recommended by Altares, has four distinct phases: 

  • Creation: ensure that the information does not already exist in the database to prevent data inconsistencies
  • Data enrichment: fill in all the necessary information, particularly when adding a third party: company name, address, VAT number, activity code, capital links
  • Updating data: a company may change its address, manager, company registration number/SIRET, etc. These changes are made outside the company’s field of vision and may lead to payment errors or increased delays.
  • Reliability of existing data: standardising data throughout the business relationship, according to various standards, to ensure that it is always correct and does not lose quality.

Given the high prevalence of identity theft over other techniques used by fraudsters, it is imperative to ensure that:

  • The company is in business
  • The third party partner does belong to this company
  • The bank details are correct and not erroneous or falsified

Financial departments under attack

Supplier Identity Theft: The Number One Threat to Business

According to Altares, the following four profiles of fraudsters must be taken into account:

  • Reptilians: These are real cheaters. They pretend to be good suppliers and deliver the service on time, only to get a higher price and use it to defraud. Despite all the processes, this type of fraudster profile remains unpredictable.
  • Impersonators: they create a fictitious persona or documents, which echoes document fraud or impersonation such as in the case of president fraud, fake supplier fraud or phishing.
  • Opportunists: the people involved work well and do not plan to commit fraud. But they take action when they see a flaw in the purchasing manager’s system or in the company’s system in general.
  • The unsatisfied: present more at the customer level, the dissatisfied fraudsters complain a lot and disguise the fraud by litigation. Their objective is to not have to pay or, at the very least, pay as late as possible. 

“By analysing consumption, common fraud patterns can be deduced. Beyond supplier onboarding and as long as the reference data is well defined, we can trust the data and carry out behavioural analyses to define and anticipate possible fraud attempts.” Michael Lisch, Altares 

Data Management - White Paper - Trustpair x Altares

Attacks that do not spare Information Systems

The urgency of the situation can be seen in the fact that the cost of cybercrime to businesses is estimated to be $1 trillion worldwide each year. This exorbitant cost is generated by service disruptions, lost time and efficiency, and damage to the brand image of companies that are victims of cyber attacks.

“Data security is a key issue. As proof of this, recent ransomware attacks, which consist of stealing a company’s data and returning it on condition that a ransom is paid, have become a threat of great concern.” – Fanny Rabouille, Grenoble Management School

Financial departments are aware of the risk linked to cyber security. But they are only consumers of cyber protection, and not in charge of it. Synergies must be created between those who manage cybersecurity and the Financial department.” – Laurent Morel, PwC

The TO-DO list to prevent cyber attacks

In order to combat the main cyber threats, companies need to implement a number of measures which, in addition to the deployment of cybersecurity solutions, also involve the definition of a more global governance. The main actions to be implemented are the following: 

  • Securing data and IS with a VPN, anti-virus and anti-spam solution and data encryption
  • Regularly update passwords and access conditions to digital tools
  • Measure the company’s “cyber” maturity by carrying out an audit (either internally or by calling in a specialist company) 
  • Continuously analyse your IS to monitor any intrusion over time (make sure there is no latency)
  • Regularly test your device (via penetration tests)
  • Make regulatory issues (i.e., GDPR) a priority and an opportunity to improve its level of maturity
  • Work on your defence strategy (action plan in case of fraud)
  • Getting support in case of a crisis

“Cybersecurity is a matter of use and training. We need to raise awareness and give employees the means to secure their Internet access, even when they are working outside. Most cybersecurity problems are caused by human error– Fanny Rabouille, Grenoble Management School 

Controlling third-party data to protect against wire transfer fraud

Just like the “Know Your Customer” (KYC) regulation within banks, the KYS (“Know Your Supplier”) procedure is essential in all companies, whatever their sector of activity.

In this respect, the ‘Sapin II’ law – which applies to companies with a turnover of more than 100 million euros – reinforces the fight against corruption by obliging them to set up procedures for evaluating their suppliers (“Know Your Supplier”). 

To comply with KYS procedures, it is essential to follow the following steps:

  • Carry out checks at the beginning of the business relationship
  • Ensure communication between the Purchasing and Financial departments
  • Systematise checks when adding or modifying a third party in its database
  • Regularly update the third-party repository: audit and internal control
  • Check bank details at the time of payment 
  • Include the IT department in the data control project to ensure the cybersecurity of databases (supplier portal, ERP, TMS) to prevent any intrusion into the systems, data theft or the spread of ransomware

To protect against fraud and to ensure quality data, the aim is to systematise and automate controls throughout the payment chain. It is also very important to ensure that the reference and characteristics of the third party come from secure, certain and verifiable data providers and registers. It is also important to separate them from the context, relationship and compliance, which remain company-specific.

Want to know more about Data Management and fighting fraud?

Get the last white paper “Data Management: the cure for wire transfer fraud ” paper co-branded by Trustpair and Altares!

Data Management - White Paper - Trustpair x Altares

Trustpair & Altares white paper - Data Management
Data Management: the cure for wire transfer fraud
Reading Time: 5 minutes

Trustpair and Altares are proud to announce the release of their brand new white paper “Data Management: the cure for wire transfer fraud” to support Financial Departments in their Data Management strategy and the fight against credit transfer fraud. Between figures, findings, studies, experts’ testimonies and instructions, find out how to master the concepts and the related issues.

In summary of this practical guide:

While ¼ of companies suffered a fraud in 2020 with an average loss of €100K, strengthening the security of control processes is becoming urgent. What if the antidote to credit transfer fraud lay in better data management?

Data management is essential for informed decision-making and strong process security. It involves mastering several stages such as data collection, storage and qualification. Digital environments are becoming more open and the various departments must work together. It is time to make data more reliable. Finance departments must reinforce the relevance and efficiency of their data management strategy and processes.

Sensitive and at risk, data is also the object of covetousness from ill-intentioned individuals. Making it reliable over time is a major challenge. This guide focuses on the environment in which data evolves, and gathers the best practices to adopt to ensure a sustainable control and monitoring of your data over time.

Data Management - White Paper - Trustpair x Altares

Data Management and governance: a strategic issue for Financial departments

“Data Management is the consistent and coherent management of data within an organisation.” – Michael Lisch, Altares 

Data Management is the set of processes, tools and methodologies for collecting, qualifying, storing, using and securing data within an organization. A successful Data Management strategy is synonymous with more informed decision-making, an increased ability to optimize costs and bring innovative products to market.

Data Management is an integral part of the data value chain: from the data infrastructure to be deployed to Master Data Management, including data modeling and integration. Originally mainly handled and used by financial departments, we can see a shift in trends in its use and processing, gradually adopted by various departments within the company.

The trend towards the dispersion and fragmentation of data sources within the company is a major one. Even if data hubs can facilitate and rationalise the “Data Management” approach of managers and Information Systems Directors (ISDs), all employees and all business units must be mobilised.

In order to ensure a good understanding and efficient sharing of data, while avoiding conflicts of interest, a 360° vision must be applied if all projects are to be carried out in the best possible conditions. It would be a serious mistake to apply an ultra-centralising vision, where one person (or department) would be responsible for all the issues related to data.

“Data Management and data governance involve real internal consultation between the business divisions. It is necessary to ensure a common understanding to achieve a satisfactory result.” Betty Sfez, Cabinet Solegal 

Smart Data: when quality and reliability take precedence over volume

In view of the important issues related to data security for financial departments, a major challenge is emerging: redefining the use of data for greater reliability.

Unlike Big Data, which is based on a large volume of data, the Smart Data approach is based on the quality of the available data sets. From this point of view, financial departments seek to identify which data they need to process and for what purpose.

At the same time, they pay particular attention to the internal and external processes and technologies available to them in order to guarantee the highest possible level of reliability. Contrary to the concept of datalakes, vast warehouses of poorly structured and sometimes irrelevant and usable data.

As datalakes are obsolete and outdated, Smart Data is the future of Data Management thanks to other innovative integration solutions (improved reporting, real-time monitoring, more relevant decisions and better management of skills), extending the possibilities of exploitation and the benefits generated.

The complexity of managing this sensitive data requires Finance Departments to take certain precautions against the risks of fraud and other cyber-attacks that threaten them, such as: mapping internal data flows, implementing an identity and access management strategy, and implementing alert thresholds.

“Today, we know how to process data technologically, whereas years ago, we were unable to do so. And this is because technology offers this opportunity at affordable costs, to such an extent that the control and use of data becomes an opportunity for Financial departments” – Laurent Morel, PwC

Securing and controlling third-party data to combat (cyber) fraud

In order to properly process these two types of data, the following methodology, recommended by Altares, has four distinct phases: 

  • Creation: ensure that the information does not already exist in the database to prevent data inconsistencies
  • Data enrichment: fill in all the necessary information, particularly when adding a third party: company name, address, VAT number, activity code, capital links
  • Updating data: a company may change its address, manager, company registration number/SIRET, etc. These changes are made outside the company’s field of vision and may lead to payment errors or increased delays.
  • Reliability of existing data: standardising data throughout the business relationship, according to various standards, to ensure that it is always correct and does not lose quality.

It is only then that this exploitation can reveal itself as a real relevant resource.

(Cyber)fraud, which has been on the rise in recent years, particularly since the health crisis, is a real scourge that can prove fatal at the slightest blow to the company that was inadvertent enough not to use the measures and solutions necessary to protect itself from it. Identity theft, ransomware, data theft, intrusions… attacks and fraud do not spare information systems.

“Cybersecurity is a matter of use and training. We need to raise awareness and give employees the means to secure their Internet access, even when they are working outside. Most cybersecurity problems are caused by human error– Fanny Rabouille, Grenoble Management School

Among the essential but too often neglected precautions, we can mention continuous monitoring processes, perfect communication between the departments concerned, systematic auditing, updating of repositories, resources to deal with cybercrime coupled with processes, etc., but that’s not all.

Trustpair secures your data, prevent fraud and ensure reliable data

Trustpair supports the financial departments of midcaps and large groups in securing and making their third-party data reliable, automating the control of bank details and fighting fraud.

With the solution, financial teams are assured of working with reliable and quality third-party data in order to control each stage of the Procure-to-Pay process. With multiple checkpoints along the payment chain and continuous auditing of the third-party repository, data is automatically updated, corrected and enhanced in real time.

With the help of experts, this white paper aims to give you a better understanding of the challenges associated with data management and the impact of data control on the risk of credit transfer fraud:

  • What is Data Management?
  • What is its legal framework?
  • What management model are financial departments moving towards?
  • How can third-party data be made reliable?

Discover the answers to these questions in this practical guide from Trustpair and Altares. Get it now to learn more about the challenges of Data Management and the fight against fraud!

Data Management - White Paper - Trustpair x Altares

Trustpair & Altares white paper - Data Management & smart data
Smart Data: when quality and reliability take precedence over volume
Reading Time: 5 minutes

Unlike Big Data, which is based on a large volume of data, the Smart Data approach is based on the quality of the available data sets. From this point of view, Financial departments seek to identify which data they need to process and for what purpose.

At the same time, they pay particular attention to the internal and external processes and technologies at their disposal to ensure the highest possible level of reliability. 

Redefining the use of data for greater reliability

The limits of the Big Data model

Big Data is based on three main principles: 

  • Volume: traditionally, enterprise CIOs managed data volumes measured in terabytes. They now have to deal with petabytes (1015 bytes) or even exabytes (1018 bytes) because of the constantly increasing volume of data
  • Variety: the usual structured data are now supplemented by numerous semi-structured and unstructured data from internal sources (ERP, CRM, etc.) but also external sources (open data, social networks, etc.).
  • Speed: the frequency with which data is generated and updated is continually increasing. Companies need to take the right steps, both in terms of IT infrastructure and software solutions, to take advantage of this speed.

The benefits of Big Data are multiple, at least on the surface: operational efficiency, cost reduction, fraud detection and prevention, risk analysis, regulatory compliance, etc. 

What are the reasons for the limitations of Big Data projects?

Datalakes as evidence of the model’s exhaustion 

Closely related to Big Data, data lakes are intended to provide a storage space for all the information available to a company, regardless of its origin and format.

But, like Big Data projects, there are many aspects to the deployment of data lakes:

  • Lack of data structuring and prioritisation: these shortcomings can hamper decision- making within the business units and senior management of an organisation. 
  • Poor quality: of the main areas of data governance, quality is certainly the most important. Too often, data lakes have weaknesses in data consistency, accuracy and reliability, which affects the overall quality of the data.
  • Lack of involvement of business units: too often, the business value of a data lake project is eroded over time, in favour of technical considerations or cost issues. 

“Although data lake implementation projects have exploded in recent years, many have failed because the use of the data was not sufficiently well defined and the expected quality was not always achieved” – Frédéric Malagoli, PwC 

Data Management - White Paper - Trustpair x Altares

Towards Smart Data for a successful strategy 

Faced with the failure of Big Data and its associated data lakes, many companies are turning to a different approach: Smart Data. Deciding to implement a Smart Data strategy means giving priority – through the notion of “intelligence” – to processing less data but in a more refined way. 

“When we talk about Smart Data, we combine the notions of linking and history. The value of data is revealed when it is linked. Historical data allows us to determine a trend and a forecast.” Frédéric Paresy, Altares

Linking is perfectly in line with the notion of reference data. When data is linked, it should also important be linked to references and history in order to understand the history of the data, and once trust in the information has been created and sustained, it becomes possible to perform analysis and prediction using data science.

Technology for an effective Data Management strategy

Technology at the service of data

Today, the technological solutions managed by company’s ISDs enable to simplify and secure all processes. This translates into:

  • Improved reporting
  • More detailed monitoring of actions in real time
  • More effective and relevant decision support
  • Better management of skills. 

The growth of companies is better supported and sustained as a result. 

Integration solutions are strategic in this respect. They respond to the need to simplify the complexity of companies, by securing transactions and facilitating the work of employees. Thanks to them, companies gain in performance, carry out updates and continuous monitoring, thus saving repetitive and tedious tasks.

Essential tools for prediction and decision-making

Companies are very mature when it comes to creating a “rear view”, i.e. when they have to analyse the past. But their goal is to move towards prediction, in order to detect trends and insights that help them in their decision-making. This requires a certain amount of data that is reliable, of high quality and clean across all functions.

The job of any data team within a company is first and foremost to define the use of the data in close collaboration with the business departments. The more history you have on a piece of data, the better you can predict the future. 

“One of our jobs is to predict the failure of companies. But while history is important, it needs to be re-evaluated! It’s letting data sleep that’s dangerous.” – Michael Lisch, Altares

A transformation of the processes necessary for reliable and secure data

Challenge internal processes for better data protection

Ensuring data security and protection throughout the company is a long-term task. In addition to the legal measures that need to be put in place (review of contracts with important or at-risk subcontractors and deployment of internal charters aimed at raising awareness of cybersecurity risks among employees), organisational measures must be taken.

These measures aim to develop strict internal processes:

  • Mapping of internal data flows in order to make all data exchanges fluid and secure
  • Implementation of an Identity and Access Management (IAM) strategy defining access rights and specific authorisations for each employee
  • Implementation of alert thresholds according to the amount or sensitivity of a transaction.

“To achieve good Data Management and data governance, it is essential to combine: a technological solution, good internal organisation, defined processes and team awareness.” Betty Sfez, Cabinet Solegal

Want to know more about Data Management and Smart Data?

Get the last white paper “Data Management: the cure for wire transfer fraud ” paper co-branded by Trustpair and Altares!

Data Management - White Paper - Trustpair x Altares

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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