nsKnox, an established provider of cybersecurity protection for business payment technology, revealed on November 21 that it has teamed up with Big Four auditing firm KPMG.
According to a release, KPMG’s Israel division will serve as the global distributor and service provider of, KPMG Secure Payments, a product developed by both companies.
KPMG Secure Payments is powered by nsKnox’s technology. As mentioned in the announcement, the solution combines KPMG’s expertise in finance, compliance procedures, controls, and cybersecurity with nsKnox’s proprietary technology in order to identify and prevent potentially fraudulent payment activity in real-time.
The release states:
“KPMG Secure Payments will provide organizations with an end-to-end, holistic defense against fraud in supplier payments, whether caused by cyber-attacks, internal fraud, social engineering, or data manipulation attempts. The joint solution verifies supplier and account details, safeguarding the payment process at every point of the transaction.”
Last year, approximately 80% of firms throughout the world were victims of “attempted or actual fraud,” AFP’s 2019 Payments Fraud and Control Survey revealed. According to a recently published FBI report, business-related email compromise scams surpassed $26 billion in total losses during the last three years.
The lack of adequate information regarding online security breaches has presented significant challenges for businesses. Around 60% of organizations worldwide have reported that they did not notice security breaches due to “limited visibility and un-secured payment processes.”
KPMG Secure Payments aims to address the main vulnerabilities in the payments process, which involves monitoring supplier verification. The auditing firm’s solution gives access to nsKnox’s line of products and services, which improves existing payments infrastructures with advanced security controls that identify and prevent “fraud attempts in real-time.”
Additionally, KPMG Secure Payments includes data protection and payment verification features, risk and policy checks, “Know Your Supplier” verification steps, and a secure “Global Payee Repository.”
As mentioned in the release:
“[KPMG’s] anti-fraud, cybersecurity solution can be implemented with any company ERP, providing extensive verification for every transaction while eliminating overhead, fraud, and human error.”
nsKnox founder and CEO, Alon Cohen, stated:
“The corporate world continues to struggle with rising levels of cyber fraud, which significantly affect their businesses. 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 cyber security boundaries to create a more secure future for businesses worldwide.”
Shaked Levy, principal, head of cybersecurity at KPMG, remarked:
“KPMG Secure Payments is a significant addition to the wide range of unique services and solutions we provide. 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 cyber security continue to develop and threats multiply, we are thrilled that this partnership will keep KPMG clients and partners ahead of the curve and secure.”