What does comprehensive payment security, at its core, really look like? We’ve already discussed how payment security needs to be fully end-to-end. We’ve also talked about the benefits of buying a secure payment solution rather than expending the resources, time and money building it yourself. When we bring those together it begs the question: what should a holistic approach include to prevent payment errors and fraud?
Business payments are inherently complex. Multiple stakeholders, varying payment methods, and intricate workflow all contribute to an environment where mistakes can easily occur. As a result, business payments are particularly vulnerable to fraud and errors.
The rise of advanced digital tools and AI makes attacks increasingly sophisticated, using tactics such as voice impersonation to exploit weaknesses in payment systems. At the same time, the manual handling of payments slows down productivity and often leads to costly errors.
More than a third of businesses (35%) feel challenged by payment processing costs.
The average supplier payment costs around $8 to process, with most of the costs (62%) stemming from labor. On top of that, companies report 18%error rates when processing paper invoices, and 80% of companies experience payment fraud.
At Trustmi, we believe that achieving full payment security requires a holistic approach that addresses immediate threats while building a robust framework to prevent future issues. Here are the steps we take to make sure your payments are secure:
Capturing a complete view of historical payment patterns and data for all current and new vendors allows us to truly understand and secure payment processes. Without a comprehensive overview, it’s difficult to identify trends and establish what constitutes normal activity. Once we understand your vendors’ payment habits, we can provide a solid foundation for detecting irregularities.
Every vendor’s payment behavior is unique. We create a digital fingerprint for each vendor you work with to create a baseline for their typical payment pattern. That way, it’s much easier to quickly spot any deviations that might indicate fraudulent activity or errors.
Our system meticulously analyzes hundreds of data points, including vendor identifying information, profile changes, all communications, invoice data, and more. This extensive analysis means that even the tiniest indicators of suspicious activity are immediately detected and is key to stopping potential threats before they have the chance to do serious damage.
Our system flags any anomalies or unusual behavior for further review by comparing current transactions to established baselines. We empower you to act rather than react so that you can nip fraud in the bud, protecting your business from serious risks.
Preventing fraud is at the core of our approach. We are diligent about stopping fraudulent payment transfers and preventing the release of incorrect funds. Our system is designed to be vigilant, constantly monitoring for signs of fraud and acting swiftly to neutralize any threats.
Automation is essential to reducing the chance of errors in the payment process — which is why Trustmi automates manual processes like your payment approval flow. When these time-consuming tasks are automated, we enhance both efficiency and accuracy, drastically minimizing the risk of common financial errors. That way, you can spend your time focusing on high-value tasks.
Trustmi’s Trust Network consolidates the collective intelligence of all organizations within the network to maximize protection for everyone. We’re stronger together, and when we encourage collaboration, we’re able to stay ahead of emerging threats while also continuously improving our security measures.
Comprehensive payment security is a multifaceted challenge that demands a robust solution. It’s not enough to simply react — businesses need a tool that delivers a holistic, proactive approach.
Trustmi’s all-inclusive solution integrates advanced technologies and data analysis to provide powerful protection against fraud as well as human errors. From detecting anomalies to building the Trust Network, Trustmi guarantees that your business payment processes are efficient and secure. We provide you with peace of mind regarding payment security so you can focus on initiatives that grow your business.
If you’re ready to learn more about what Trustmi can do for your company, reach out to one of our experts today to schedule a custom demo.
Stay connected by signing up to our mailing list.
We promise not to spam :)
.png)
