March 29, 2022

NEW YORK, NYFraud.net is excited to announce a new Know-Your-Vendor solution for procurement and third-party compliance teams that provides protection against costly vendor fraud. With the significant disruption in the global supply chain, this tool helps businesses onboard new suppliers in minutes and at a fraction of the cost, ensuring third-party vendor compliance and avoiding costly vendor fraud schemes.

KYV leverages Fraud.net’s leading application verification solution, Application AI, to ensure supply chain compliance, mitigate third-party risks, and more. Powered by billions of data insights and intelligent automation, this vendor verification solution saves clients time, money, and effort while ensuring secure relationships with trustworthy entities. 

The new KYV solution helps businesses:

  • Save – with rapid onboarding that costs 75% less than other vendor fraud solutions and that reduces costly false positives.
  • Grow – with accurate risk scoring to verify identities and tax identification information so clients can partner with new vendors in confidence.
  • Automate – by leveraging Fraud.net’s consortium data and machine learning tools to replace tedious manual reviews and paper-based processes.
  • Protect – using a secure digital platform that is SOC2, PCI, HIPAA, and GDPR, compliant.

Commenting on this release, Cathy Ross, president of Fraud.net, states, “Fraud.net’s Know-Your-Vendor solution reflects an ongoing commitment to continuously bolster fraud management solutions, ultimately saving clients millions in losses and safeguarding their data in the process. With a single login, we provide dozens of business-critical risk checks instantly, including verifications of business identities, bank accounts, tax IDs, AML, fraud, and more.”

To learn more about how Fraud.net can help you avoid vendor fraud, request a demo to receive up to 10 free vendor checks. 

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About Fraud.net: 

Fraud.net operates the first end-to-end fraud management and revenue enhancement ecosystem, built for digital financial and commerce companies worldwide. The award-winning, cloud-born platform helps enterprises harness AI-driven risk intelligence to detect fraud, streamline their customer onboarding and transaction monitoring workflows, and leverage real-time, actionable insights to make safer, smarter, and more profitable decisions.