nsKnox, a leading cyber security provider of corporate payment protection technology, announced an international strategic partnership with KPMG, a leading global consulting firm. KPMG Israel will be the global distributor and service provider of the joint offering, KPMG Secure Payments.
Powered by nsKnox, the KPMG-designed Secure Payments combines KPMG’s know-how and better practices in finance, compliance, controls, and cyber security consulting with nsKnox’s unique technology to detect and prevent payment fraud in real time.
KPMG Secure Payments will provide organizations with an end-to-end, holistic defense against fraud in supplier payments, whether caused by cyber-attacks, internal fraud, social engineering, or data manipulation attempts. The joint solution verifies supplier and account details, safeguarding the payment process at every point of the transaction.
According to AFP’s 2019 Payments Fraud and Control Survey, 82% of companies worldwide were victims of attempted or actual fraud in 2018. Additionally, a recent FBI report revealed that business email compromise scams exceeded $26 billion in losses over the past three years.
The lack of information about cyber breaches is equally challenging for businesses: Approximately 60% of organizations reported that they are not even aware of breaches due to limited visibility and un-secured payment processes.
With companies around the world facing a dramatic rise in the scope and sophistication of payment fraud, this joint solution brings unique added value for KPMG customers and partners.
KPMG Secure Payments uniquely addresses the key vulnerabilities in the payment chain: payment processes and supplier verification. The solution provides access to nsKnox’s suite of services, enhancing existing payment infrastructures with sophisticated security controls that flag and block fraud attempts in real-time.
KPMG Secure Payments also includes advanced payment verification and data protection, risk and policy checks, “Know Your Supplier” verification processes, and a secure Global Payee Repository.
The anti-fraud, cyber security solution can be implemented with any company ERP, providing extensive verification for every transaction while eliminating overhead, fraud, and human error.
“The corporate world continues to struggle with rising levels of cyber fraud, which significantly affect their businesses,” said nsKnox founder and CEO, Alon Cohen.
“Thanks to this alliance with KPMG, companies will be able to bolster their corporate fraud defenses in this constantly evolving financial environment. Together, we are pushing cyber security boundaries to create a more secure future for businesses worldwide.”
“KPMG Secure Payments is a significant addition to the wide range of unique services and solutions we provide,” said Shaked Levy, Principle, Head of Cyber Security at KPMG.
“KPMG’s expertise, experience and network combined with nsKnox’s innovative technology represents a new level of added value for our clients and partners. As challenges in cyber security continue to develop and threats multiply, we are thrilled that this partnership will keep KPMG clients and partners ahead of the curve and secure.”