Account Paybles Teams: Protect Your Vendor Payments with the Authoriti Permission Code
Cybercriminals are attacking organizations' vendor payments process using Business Email Compromise (BEC) and other simple scams. With BEC, criminals try to substitute payment information or submit phony invoices for payment.
The problem is getting worse every year. The FBI reported that losses from BEC alone exceeded $1.75B in 2019.
Authoriti has developed a simple service that helps Accounts Payable teams eliminate vendor payment fraud. The Authoriti platform allows your vendors to generate a Permission Code PIN, which we call a "PC". The PC confirms your vendors' identity and transaction details. This allows you to pay them with confidence.
Here's how it works...
Step 1. Your vendors generate an invoice like they always do.
Step 2. They create a unique PC for the invoice, and submit the PC along with the invoice.
Step 3. The AP team validates the invoice against the PC and releases the payment.
The Authoriti platform offers the following benefits to AP teams:
- Definitive confirmation that your vendor’s invoice is authentic
- Elimination of call-backs to vendors for verification
- Ease of use - for both you and your vendors Permission Code PINs provide strong control.
Unlike other one-time PINs, no one can intercept a PC and steal your identity. PCs only authorize the specific transaction they were generated for.
With the Authoriti Permission Code® platform, fraud is eliminated!
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