Home » ID Systems & Services in Fraud Prevention » Minimizing Fraud Procedures

How to stop corporate payment fraud

Cybersecurity is one of the top three concerns in almost all corporate treasury departments which really understand that cyberfraud is growing exponentially. It is a huge problem for all sorts of reasons, one of which is that many experts now say, “There is no such thing as an unhackable computer.” A new solution from nsKnox, a financial security firm set up three years ago by Alon Cohen, uses an entirely new cybersecurity paradigm: "crypto-splitting" in their Cooperative Cyber Security platform, which, they claim, is exponentially more secure than existing top-level solutions. 

The technology: Cooperative Cyber Security 

Essentially “crypto-splitting” is a technology that splits the data on accounts and payments into meaningless parts and stores them on different entities.

Cooperative Cyber Security implements the powerful concept of secret sharing, which is information-theoretically secure and cannot be broken. CCS technology shreds data into meaningless pieces of information and stores these unintelligible shreds in multiple secured locations (referred to as “Knoxers”).

CCS Knoxers work collectively but participating organizations are individually blind to each other’s workings so that the organization can use the power of the group to protect itself without ever exposing any complete data, and without depending on one single system.

So, for example, the IBAN and other payment details are brought together from the Knoxers to “assemble” the payment details, see below:

Source & Copyright©2019 – nsKnox

So now penetrating a single network or a single organization yields no real value for the attackers. With CCS, the effort required to manipulate data is equal to the cumulative effort required to break into all of the Knoxers at the same time. CCS technology effectively creates a security chain whose strength is determined by the cumulative strength of all of its links.

The solution: TxAuthority service

The nsKnox solution combines the CCS technology and platform with real-time payment verification at every step of the transaction journey. TxAuthority™ was specifically designed to prevent financial losses due to fraudulent payments by providing real-time verified payment protection and fraud detection:


Source & Copyright©2019 - nsKnox

The TxAuthority™ service is designed to minimise the operational impact of their service on the client’s existing processes by:

  • Integrating seamlessly with existing financial payment and ERP systems
  • Quick and easy installation and deployment, with little or no additional technical footprint 
  • Complimenting and automating existing policies and processes, not adding to operational efforts and overheads.

Once the TxAuthority™ service is installed, all the corporate user has to do is:

  • Upload their Payments files either through the TxAuthority web portal or automated directly from their ERP or equivalent system(s).

Also, TxAuthority™ allows organizations to define and enforce specific payment policies through external authorities, in order to prevent payments to an unapproved or unauthenticated supplier. It safeguards payments-run processes while enforcing the corporation’s payment policies and increasing their Accounts Payable operational efficiency and SOX compliance.

Impact

Corporations no longer have to rely on individual internal systems that can be overridden by a single person at any given moment. They now have at their disposal the cumulative protective strength of a number of systems from different networks and even external organizations.


CTMfile take: With nsKnox’s TxAuthority service combined with CCS we could be seeing the end of corporate payment fraud……. It has the potential.


This item appears in the following sections:
ID Systems & Services in Fraud Prevention
Minimizing Fraud Procedures
Minimizing Payment Fraud

Also see

Comments

No comment yet, why not be the first?

Add a comment