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Protection against payment fraud
Using PaymentKnox™ Account Validation by nsKnox
Fidelity International is committed to protecting our suppliers against payment fraud. We want to ensure that transactions we send to you, our valued business partners, reach your legitimate bank accounts and do not land in fraudsters’ fake accounts. To support this mission, we have put in place a powerful, technology-driven fraud prevention process for supplier bank modification, which provides confidence that the payment we issue will reach your Company’s account.
Who is nsKnox, and why did we partner with them?
nsKnox is a global leader in Bank Account Validation and B2B Payment Security company enabling corporations and banks to prevent fraud and ensure compliance in B2B Payments. They help organizations avoid significant financial losses, heavy fines, and reputational damage.
The Company, backed by highly respected investors such as Microsoft’s M12, Link Ventures and others, meets the stringent SOC2 Type 2 regulations and was founded and managed by the former Founder, Chairman and CEO of CyberArk (Nasdaq: CYBR).
nsKnox is trusted by large enterprises, operating globally in a variety of industries, many of which are publicly traded companies.
Why is it important to validate vendor bank accounts?
Fraudsters are sophisticated. They use numerous attack vectors to target either a supplier or a Company requiring services from suppliers, or sometimes both, in order to manipulate a transaction and steal the funds. They will try to do so in the most sensitive stage - bank account change.
The benefits of Account validation solution
- Prevent fraudsters from stealing payments intended for you, thus keeping your collection intact.
- Protect account information using nsKnox’s unique Cooperative Cyber Security (CCS™) technology.
- Avoid financial loss.
What do I need to do?
It couldn’t be easier. Just head over to the nsKnox portal, enter your Company and Company bank account information and follow the simple on-screen instructions to complete the validation process. Once your account details and ownership are verified, you will receive a bank account certificate (BAC) and a unique KnoxID number that can be shared with Fidelity and any other customer who may request it.
Note: Some validation steps may vary depending on your geographical location. In certain countries, suppliers may be requested to transfer a nominal amount to an nsKnox validation account for bank details verification. nsKnox’s customer service representatives are available to assist you if needed.
Additional FAQS on the account validation process can be found here.
For more information on nsKnox, visit https://nsknox.net/
For any further questions, please reach out to your Fidelity point of contact.