Trustmi Certify provides protection against business payment fraud

Trustmi released Trustmi Certify, a critical innovation in its new solution for bank account validation.

Businesses can now benefit from Trustmi’s holistic approach to bank account validation that accurately verifies the account and provides full protection against business payment fraud.

Bank account validation stands as a pivotal element in the prevention of fraud in business payments. The process authenticates the identity of vendors and also validates the legitimacy of their bank accounts. However, conventional processes for bank account validation fall short in providing comprehensive protection, and a more robust strategy is needed.

Trustmi Certify is a new out-of-band identity validation solution that replaces the time-consuming and vulnerable call-back procedure. The solution leverages the Trust Network’s collective intelligence and AI engine to connect the dots between all the vendor’s behaviors and patterns for full assurance of validation.

“We‘ve seen hundreds of cases where fraudsters open legitimate bank accounts that appear to be owned by a real company but are not,” said Eli Ben Nun, CTO of Trustmi. “These fraudulent bank accounts will still pass all existing bank validation and cost companies millions of dollars. When it comes to providing full identity verification for vendor bank accounts, existing processes aren’t enough.”

Traditional bank account validation is part of Trustmi’s approach. Vendors can seamlessly and securely connect to their bank account during vendor onboarding for immediate validation or extend it with penny drop validation to authenticate the bank account. Trustmi’s solution enhances the traditional validation approach with advanced cybersecurity tools, which together guarantee a trusted verification process.

The result is an easy and reliable process that delivers immediate bank account validation, reduces manual work, and avoids human error when inputting vendor account information. The solution also saves time by eliminating the back-and-forth communication with the bank and ensures updates to a vendor’s information are always validated as they occur. With Trustmi’s approach, businesses can enforce bank account validation for their vendors without any disruptions to their internal process.

“Trustmi Certify is a comprehensive vendor validation solution and is exactly what businesses need to protect themselves in today’s threat landscape,” says Shai Gabay, CEO of Trustmi. “We offer a robust method that accurately confirms the vendor is the real account holder and the bank account they are using for payment is correct. We make the connection between the bank account, the vendor, and the person so that businesses know their payments are going to the right place every time.”

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