Series Episode
Sep 23
·
23 MIN
Procure-to-pay fraud can redirect legitimate supplier payments into fraudulent bank accounts by exploiting weaknesses across onboarding, vendor management, and payment processes. As AI makes impersonation and document forgery more convincing, organizations may need stronger, connected controls across the supplier lifecycle.
In this episode, Tom Abbey, UK & IE Country Manager at Trustpair, joins host Alex Pillow to discuss how procure-to-pay fraud often works, where traditional controls fall short, and how continuous digital verification can help organizations protect supplier payments. Key topics include:
- How fraudsters divert genuine supplier payments to fraudulent bank accounts…
CLICK HERE to read the FULL Moody's x Trustpair: Payment fraud article.
This remains the most prevalent form of financial crime globally. It targets the direct access points to your money: your cards and your bank accounts.
- Skimming: Criminals use small devices called “skimmers” placed over ATM or point-of-sale card slots to capture the data from your card’s magnetic strip.
- Card-Not-Present (CNP) Fraud: This occurs during online shopping where a physical card isn’t required. Thieves use stolen card numbers, expiry dates, and CVV codes to make unauthorized purchases.
- Account Takeover (ATO): A hacker gains access to your online banking credentials (often through malware or phishing) and changes the contact details or passwords, locking you out while they drain your funds.