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
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