Visa has done a good job in the credit card space stopping a credible $270+ Million of fraud over the last 12 months. See article here.
Visa are planning on bringing their AI-based fraud management systems to NZ later this year. What you may not know is that we have been using machine learning and AI for assessing business payments through our platform for several years now.
Most NZ businesses make bulk payments to their business banking platforms via batch files. The issue banks have with bulk payments vs trying to check single payments is extremely complex. The issue for banks is that they can’t stop a whole batch of say 100 payments just because one payment looks suspicious.
This is where VigilantPay becomes your secret weapon.
VigilantPay detects ‘change’ to payment details BEFORE the money leaves your bank account, so it's preemptive and this is also helpful for catching day-to-day payment errors.
VigilantPay can check creditor names & bank account numbers and also cross-check these with our extensive network of clients to see if anyone else has seen the same changes that you have just been made aware of.
Plus you can onboard suppliers securely if they aren't recognised by anyone else in the VigilantPay community.
Add to that the separation of duties for user roles that you can control. This adds up to a pretty extensive bulk payment protection system that will safeguard you against scammers and fraudsters.
Oh, and VigilantPay also does these same checks across your payroll for added peace of mind.
