Changes in technology are much faster today than at any time in the past 100+ years this client has been in business. The pace of change today creates risk for all businesses who can easily be caught out when vulnerabilities develop undetected.
This was the case for the payment controls of this company's systems when staff from the finance and IT team stole more than $2M over an extended period from multiple fraudulent payments . VigilantPay was implemented to provide an added layer of protection to ensure this didn't happen again.
As part of the implementation process historic payment files (batch files) were uploaded into the VigilantPay system to analyse and look for anomalies. It didn’t take long for several interesting transactions to be surfaced and one in particular caught the eye of their finance team when VigilantPay detected an employee’s bank account number had been previously paid into from a competitor who thought they were making a payment to the company bank account number.
The implementation not only detected fraudulent activities but also showcased its immediate returns. Within days, VigilantPay proved its worth, affirming our clients' wise investment in the platform.