KPMG partners with nsKnox to develop anti-fraud cyber solution

The KPMG Secure Payments solution is intended to address the key vulnerabilities that could arise in the payment chain.

Israel-based cyber security company nsKnox has partnered with consulting firm KPMG to develop KPMG Secure Payments, a new anti-fraud cyber solution designed to reduce payment fraud.

The KPMG Secure Payments has been designed to address the key vulnerabilities that could arise in the payment chain, such as payment processes and supplier verification, while eliminating overhead, fraud, and human error.

Designed by KPMG, the Secure Payments solution is the result of the integration of KPMG’s know-how and better practices in finance, compliance, controls, and cyber security consulting with nsKnox’s technology to detect and prevent payment fraud in real time.

Powered by nsKnox, the anti-fraud cyber solution will provide an end-to-end, holistic defence for organisations against fraud in supplier payments, caused by cyber-attacks, internal fraud, social engineering, or data manipulation attempts.

KPMG Secure Payments provides access to nsKnox’s suite of services

By providing access to nsKnox’s suite of services, the solution validates supplier and account details to protect the payment process at every point of the transaction.

Capable of being implemented by any company ERP, the solution includes advanced payment verification and data protection, risk and policy checks, ‘Know Your Supplier’ verification processes, and a secure Global Payee Repository.

KPMG cyber security head and principle Shaked Levy said: “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.”

KPMG Israel will serve as the global distributor and service provider of the new solution.

Last year, KPMG acquired a minority stake in Dutch fintech start-up AdviceRobo, for an undisclosed sum.

AdviceRobo is engaged in developing technology that predicts financial risk of people and companies taking out loans.