Fight AP Fraud

Supplier Identity Verification to Avoid Accounts Payable fraud

Accounts payable theft is a prevalent form of fraud where bad actors get your accounts payable department to change your supplier’s legitimate bank information (see How Corporate Identity Fraud Works).

Analysis completed by ECCMA of the supplier master data used by many Fortune 500 companies shows that the identity of up to 25% of their suppliers cannot be verified.

Adding the ISO 25500 International Business Identifier (IBID) to your supplier record makes it much easier to identify who you are talking to and avoid supplier impersonation. It is your first line of defence against account payable theft.

If the full International Business Identifier (IBID) cannot be verified, we use the International Business Registration Number (IBRN) as the next best solution. This is data that is freely available and verifiable online from most government run business registers. ECCMA has developed unparalleled technology to support our digital research and verification facilities.

IMPERSONATION

ANONYMITY

ECCMA Know Your Supplier provides standardized, verified AI-ready supplier data to:

  • Minimize errors with supplier identification in master data (unverified, duplicate or redundant IMPRESONATION ANONYMITY records
  • Simplify and accelerate business process: Product Cataloging, Product Sourcing, Supplier Onboarding and procurement Spend Analysis.
  • Enhance the quality and reduce the cost of managing a company’s supplier master data.

Leverage Supplier Identity Verification

ECCMA supplier identity verification can be easily integrated into supplier onboarding and provide a low-cost batch process to add the International Business Identifier (IBID) to existing supplier masters.

Beyond protection from accounts payable theft, supplier identity verification is an essential tool in identifying potential duplicate supplier records, the first step in improving the accuracy of spend analysis and supplier optimization projects. Fix your Supplier Master and your Procurement performance.

Use Cases

International Business Identifier (IBID) and International Business Registration Number (IBRN)