Invoice fraud with manipulated bank account data is a threat to every business. Checking procedures before a payment is moved forward to a verified destination can be cumbersome and labor-intensive. That's why we believe Data Sharing is the safer way to data!
To protect the business effectively against fraud attempts, members of the data sharing community have access to an app for quick and straightforward verification of the trustworthiness of bank details. Together the burden is lowered and risk is shared amongst the community.
BASF is using Data Sharing to fight invoice fraud
"Sharing proven bank account data saves significant time, compared to contacting the customers/ vendors directly to verify new bank accounts. Data Shareconomy like the CDQ Data Sharing Community is an effective approach to unlock this source of trusted information."
Philippe Baumlin, Manager of Global Master Data Strategy, BASF
Use the web app or integrate the solution via API into your system
3 steps to avoid invoice fraud
- Step 1 ► Use the 'crowd wisdom'. With the data quality rules and processes established by the Data Sharing Community.
- Step 2 ► Verify via the Trust Score. CDQ calculates a Trust Score for bank account information based on set rules. For example, a higher score indicates that several companies use the same bank account for a shared vendor.
- Step 3 ► Get notified via the Fraud Alert. In case of an active fraud, CDQ immediately alerts all community members. Through our cloud platform, all members maintain a shared blacklist.