Payments Fraud Detection

Payments fraud continues to be a top concern for organizations. Fully 92% of finance leaders observed that fraud in 2021 was as bad as, if not worse, than the year before, according to the Association for Financial Professionals (AFP). CFOs and treasurers clearly require a more complete set of payments controls to stop fraud altogether.

Kyriba’s Payments Fraud Detection module extends the effectiveness of standard payments controls to include realtime detection to stop suspicious payments in their tracks. The module, the first of its kind in the industry, includes customized scoring, centralized alerts, complete resolution workflow management, and data visualization through a drilldown KPI dashboard.

Fraud Detection Scenarios

Kyriba’s Payments Fraud Detection capabilities allow users to set predefined detection rules to screen for suspicious payments requiring further attention, such as:

  • Transfer to a beneficiary’s bank account located in a blacklisted country or a country not on the whitelist
  • International payment made to a country where the company has no known supplier or operations
  • Multiple payments that, in combination, exceed a soft or hard payment limit
  • Changes to a payment that was imported from an ERP
  • The first payment to a bank account for an existing vendor
  • Payments inconsistent with the amounts or dates of the payment history
  • Payments to one bank account used by several vendors
Kyriba’s Payments Fraud Detection module extends the effectiveness of standard payments controls to include real-time detection to stop suspicious payments in their tracks.