I'm searching for a secure internal app for corporate security and authentication that can streamline our wire transfer approval process. The app should allow our accounting team to send internal approval requests to partners, who then authenticate themselves using a passkey or some secure method. After this, partners should be able to approve the wire request details within the app. Once approved, the accounting team should receive the authenticated approval through the app, and both parties should get an email notification confirming the approval. We already have voice authentication processes in place, but with the rise of deepfake technology, I believe implementing multiple security layers is essential. I should mention that our company already has strong defenses in place for safe banking, as verified by external auditors, but now I've been tasked with finding new technology-based solutions to further mitigate risks.
4 Answers
It’s clear that this is as much about people as it is about technology. Having proper payment controls and verification, including phone calls for confirmation, is essential to reduce the risk of fraud.
While technology can enhance security, it's crucial to ensure that your payments only go to pre-approved vendors. Make sure you're verifying vendor information from reliable sources before initiating payments. This isn't just about technology; it's about having solid protocols in place.
Exactly. Our auditors insist on extra precautions, which is why I’m looking for tech solutions too. We already do thorough checks, but compliance wants to see that we’re doing even more to combat fraud.
Many modern accounts payable SaaS solutions support two-party consent for wire transfers and have built-in invoice and payment approval processes. Consider using a platform like Bill.com, which integrates security measures. If your current tech stack can't handle these processes, it might be time for an upgrade!
An app alone won't fix behavioral issues in workflows. However, integrating a front-end approval system with an Identity Provider (IdP) that supports Multi-Factor Authentication (MFA) and digital signatures can be a game-changer. This setup allows for secure approvals and ensures that only authorized users can access sensitive actions.
I completely agree. Our auditors have mandated further steps to address potential fraud risks, and I'm trying to align technology with those guidelines.