You receive an email with an invoice from a supplier. The email looks unsuspicious, the attached PDF like the vendor's other invoices. The only difference: the email asks you to wire money to a new bank account number. Ever thought about if this could be fraud? What if that one data field with the bank account number is compromised, leading you to pay millions to criminals?
Invoice fraud is real and growing, as some recent cases show:
Do you go through labor-intensive checking procedures before you allow a payment to go to an unverified destination? Why not join the CDQ Data Sharing Community and share the burden of bank account verification with other companies! Here is how it works in three easy steps:
1. CDQ's Data Sharing Community has established quality rules and processes – how do leading companies determine if a bank account number is legitimate? Benefit from "crowd wisdom".
2. CDQ calculates a Trust Score for bank account information based on the rules – a higher score indicates several companies using the same bank account for a shared vendor, for example.
3. In case of an active fraud, CDQ immediately alerts all Community Members sharing the same vendor. Through our cloud platform, all Community Members maintain a shared blacklist.
"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."
Philippe Baumlin, Manager of Global Master Data Strategy, BASF