Skip to main content

Don't let labor-intensive procedures stand in the way of fraud prevention!

Lead Product Manager Risk & Compliance
Blog Article Fraud Prevention

Invoice fraud with manipulated bank account data is a threat to every business. Checking procedures before a payment is moved forward to a verified destination can be cumbersome and labor-intensive. That's why we believe Data Sharing is the safer way to data!

To protect the business effectively against fraud attempts, members of the data sharing community have access to an app for quick and straightforward verification of the trustworthiness of bank details. Together the burden is lowered and risk is shared amongst the community. 

Sharing proven bank account data saves significant time, compared to contacting the customers/ vendors directly to verify new bank accounts. Data Shareconomy like the CDQ Data Sharing Community is an effective approach to unlock this source of trusted information.

Use the web app or integrate the solution via API into your system

3 steps to avoid invoice fraud

  • Step 1: Use the 'crowd wisdom'. With the data quality rules and processes established by the Data Sharing Community.
  • Step 2: Verify via the Trust Score. CDQ calculates a Trust Score for bank account information based on set rules. For example, a higher score indicates that several companies use the same bank account for a shared vendor.
  • Step 3: Get notified via the Fraud Alert. In case of an active fraud, CDQ immediately alerts all community members. Through our cloud platform, all members maintain a shared blacklist.

Are you interested in our risk & compliance solutions?

 31cf5dc8-a47f-427c-b1b2-2b7d12b15e65.jpeg

 

 

 

 

Get our e-mail!

A practical guide to managing regulatory compliance in business partner relationships

Regulatory compliance is complex and evolving. Not much of a surprise to anyone in today’s global business environment. Governments and international bodies…

Turning compliance challenges into manageable workflows

The world of compliance is a fast-moving, complex landscape, and for many teams, staying ahead of regulations (e.g. AMLD5) feels like an endless game of catch…

Navigating the compliance maze: why real-time monitoring is essential

In today’s interconnected business environment, regulatory compliance is no longer optional. It’s a core component of operational integrity. Organizations must…