How they describe themselves: The United States Postal Service reports that every year businesses pay out millions, and potentially billions, of dollars to phony invoice schemes. Scams may go on for months or even years before victims discover the problem.
PhonyInvoices employs two products to help innocent companies avoid paying these scams.
1. Vendor Check – Vendor list comparison against our database of known scams.
2. Controls Test – PhonyInvoices sends customer fake invoices (penetration test) to see how their personnel and accounting controls respond to fraud.
How they describe their product/innovation: Implementation of the two current products has led to the development of PhonyVendorCheck, a data driven SaaS solution that is much more scalable, robust, and comprehensive in its ability to curb invoice fraud. We rolled out this new product at FinovateFall 2013.
- phonyvendorcheck.com – website for customers to upload their vendor list for immediate verification.
- Financial Software ‘Plug-Ins’ – Quickbooks App for automated vendor check. More accounting software add-ons to follow.
- Payment Processors – through a customized API, financial institutions can access our database to provide their customers a real time safeguard from paying invoice scams.
- Data Companies – API allows other companies to leverage our data.
Product Distribution Strategy: Direct to Business (B2B), through financial institutions, through other fintech companies and platforms, & licensed
Bus. Dev., Press, & Sales: Jonathan Lee, VP Bus. Dev., email@example.com,