Many advertising networks and online marketplaces still fail to monitor the risk of actual transaction being made during a payment process or the payee onboarding process.
Now, Tipalti, the mobile payment automation solutions provider, has rolled out TipaltiDetect, a new module which is designed to monitor fraud across its accounts payable platform. Detect tracks the activity of all payees and checks for suspicious activity by identifying payees that have previously blocked behaviours or those with multiple accounts. The company hopes that this should give finance teams a bit more peace of mind.
Tipalti Detect functions as an integrated solution within the Tipalti platform and helps to identify and prevent potential fraud across then payee and supplier network, reducing the risk of potential losses from fraudulent activity.
To date, Detect has already blocked over 7,400 payees saving an estimated $4 million in potential fraud risk.
Jeff Magnolia, VP of Product, Content.ad, says:
“Detect’s ability to proactively screen fraudsters in our network has potentially saved thousands in bad payments. Tipalti’s unique approach to screening payees during onboarding and payment cycles gives us peace of mind in helping reduce fraud risk.”
Companies that do not have an adequate payee onboarding process or verification process may miss fraud attempts completely.
Key features of Detect include the identification of a blocked payee who may be trying to create an account using false information; management of the blocked or suspended payee list; blocking and suspension of a payee receiving payments; and allowing finance to manage all fraud and suspicious activity issues via a simplified dashboard.
“Tipalti is focused on the needs and processes of mass payers. Recovering from any fraudulent activity can be very expensive; particularly when you factor in cross-border transactions and certain payment methods, it might even be impossible,” added Chen Amit, CEO and co-founder of Tipalti. “Detect fits holistically into the payment process to identify fraud and validate payees prior to payment, keeping their payments safe while also delivering a better service to payees.””