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▶️ Protect your company against fraud on beneficiaries
▶️ Protect your company against fraud on beneficiaries

Our recommendations and best practices for managing your beneficiary base and overseeing any changes to it.

Updated over 2 weeks ago

In a context where payment fraud is on the rise, vigilance is essential to avoid errors and fraudulent attempts. One of the most critical aspects is the management of your beneficiaries. Any uncontrolled modification can lead to significant financial losses. Here are some best practises to adopt for effectively controlling any changes on your beneficiaries database.

Control any change request and its source

Before doing any change on a beneficiary in Agicap, it is crucial to ensure of its legitimacy.

Check the origin of the request

  • Who asked for the change in the first place ?

  • Is the request coming from an official and known source ?

  • Insist on a written confirmation by the change requestor, with a manager in copy

The reflex to adopt

Contact directly the beneficiary via a known and trusted means of communication to confirm the change

Control banking coordinates

When a beneficiary changes its banking coordinates, it is essential to check the new information :

  • Compare the new information & the previous one. Do you know the bank where you are supposed to transfer funds ? Is the country of the bank changing ?

  • Be particularly vigilant with regards to account numbers from unusual countries or known to facilitate fraud, money laundering or terrorism financing (find here the list of countries reported by the Financial Action Task Force - FAFT)

Double check changes

Set up a double validation process to reduce the risk of fraud:

  • The first control is made by the person in charge of managing beneficiaries on Agicap, before doing the change.

  • A second validation is made by a manager or a colleague

Agicap helps you with those controls

Agicap offers advanced functionalities to control changes on the beneficiaries database and secure it:

  • An history of modifications is available for each beneficiary

  • An alert message is raised on any payment programmed for a beneficiary with recent changes

Going further

Raise your teams awareness

Any weak link in the validation chain may be an entry point for fraud. It is essential to raise the awareness of any involved persons :

  • Regular training on risks related to payment fraud

  • Communicate internally of fraud tentatives that have been detected to reinforce vigilance

  • Simulate fraud scenarios to test the reactivity of your teams

By applying those best practises and relying on Agicap, you considerably reduce risk. Our solution helps you implement the required processes to guarantee that your payments are managed rigorously and securely

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