KPMG is rolling out a new payments security solution targeting B2B payments fraud, the company said Thursday (Nov. 21).
A press release said KPMG is collaborating with cybersecurity provider nsKnox to roll out its KPMG Secure Payments tool, distributed and serviced by KPMG Israel.
The solution is designed to combat supplier payments fraud in an array of scenarios, including fraud caused by cyberattacks, social engineering attacks, data manipulation or internal fraud attempts. Secure Payments is able to automate the verification process for supplier account details, which is often compromised in B2B payments fraud tactics like the Business Email Compromise, in which a fraudster poses as a legitimate supplier and requests account detail changes to receive payments from their target.
KPMG will connect corporate clients to nsKnox's suite of cybersecurity tools and provide real-time detection and blocking of fraudulent transactions. Secure Payments also integrates automated Know Your Supplier verification processes and is connected to KPMG's Global Payee Repository to verify vendors and their account information.
The solution is compatible with any existing enterprise resource planning (ERP) platform, KPMG said.
“The corporate world continues to struggle with rising levels of cyber fraud, which significantly affect their businesses,” said Alon Cohen, founder and CEO of nsKnox. “Thanks to this alliance with KPMG, companies will be able to bolster their corporate fraud defenses in this constantly evolving financial environment. Together, we are pushing cybersecurity boundaries to create a more secure future for businesses worldwide.”
“KPMG Secure Payments is a significant addition to the wide range of unique services and solutions we provide,” said KPMG Principle, Head of Cyber Security Shaked Levy in a statement. “KPMG's expertise, experience and network combined with nsKnox's innovative technology represents a new level of added value for our clients and partners. As challenges in cybersecurity continue to develop and threats multiply, we are thrilled that this partnership will keep KPMG clients and partners ahead of the curve and secure.”