session description

Traditional methods of bank account ownership validation are no longer enough in today’s evolving threat landscape. Many organizations still rely on easily forged banking documents and confirmation calls, leaving critical vulnerabilities in their vendor onboarding and payment processes. 

In this session, Debra R. Richardson will explore why these approaches are failing and how the industry is entering a new era of payment security.  

You’ll discover why existing bank account validation solutions have a limited reach, particularly when they depend solely on traditional in-network capabilities for account validation, which is why additional, non-traditional out-of-network capabilities are required when the databases cannot provide an answer, or provide an answer that is insufficient for high-value, high-risk, or cross-border payments. 

The session will also highlight how nsKnox’s Adaptive Payment Security solution provides the user with the best of both worlds - rapid, low effort validation where possible; robust, high certainty when needed, validating accounts globally. 

There is no cost to attend, and attendees will receive one IOFM CEU and one ACFE CPE credit for their participation — a valuable takeaway for your professional development.  

Immediate Takeaways:

• The Current State of Payment Fraud: Understand the latest statistics on payment fraud, including Business Email Compromise (BEC) scams, and why it remains a critical threat.
• Why Today's Validation Methods Are Failing: Discover the shortcomings of current bank account validation processes, such as ineffective confirmation calls and the inability to validate accounts using limited in-network platforms.
• A New Era of Bank Account Validation: Rather than treating all vendors the same, build your validation strategy to align your level of effort with the determined risk, all while maintaining control over your payment processes.
• Adaptive Payment Security in Action: See a live product demonstration of nsKnox’s new Adaptive Payment Security solution, and take a deep dive into how this solution takes your payment process into a new era of validation and security.