Episode 284: How AI Fuels Global Fraud in Vendor Payments & Why 96% of Companies Are Vulnerable –...

In this episode of Corporate Treasury 101 (https://www.corporate-treasury-101.com/) , we dive into the rapidly evolving world of corporate fraud and explore how businesses can protect themselves against increasingly sophisticated cyber threats. Our guest, Baptiste Collot (https://www.linkedin.com/in/bcollot/) , Co-Founder and CEO of Trustpair (https://www.linkedin.com/company/trustpair/) , shares actionable insights on how treasury and finance teams can move beyond traditional manual controls and adopt modern solutions to safeguard corporate payments. We explore the explosion of sophisticated fraud schemes, the dangers of deepfakes, and why companies must rethink their fraud prevention strategies to protect enterprise value. From understanding the new cyber era of fraud to implementing real-time vendor validation and efficient risk management practices, this episode is packed with critical advice for any treasury professional looking to stay ahead of modern fraud trends. Baptiste Collot draws from extensive experience leading one of the world's top fraud prevention SaaS platforms to explain how companies can rebuild trust in their payment processes. He breaks down the key risks facing treasury today, how cybercrime has gone global, and why thorough information verification at every step of the procure-to-pay process is crucial. We also discuss real-world fraud examples, the rise of highly convincing phishing attacks, how to build a strong business case for fraud prevention tools, and why integrating these solutions into ERP and treasury systems is essential for future-proofing your organization. What You’ll Learn in This Episode • How AI and streamlined processes have supercharged fraud attacks in 2024 • Why fraudsters target vendors and exploit email chains, and how to stop them • What deepfake fraud looks like in the corporate world • How to create a multi-layered fraud prevention framework • Real-world cases of fraud detection using Trustpair's technology • Why internal training alone isn’t enough to fight cyber-enabled fraud • How to make a strong business case for fraud prevention to your CFO and board Episode Breakdown & Timestamps • [00:00] – Introduction & AFP Partnership ($100 Off CTP Certification) • [01:40] – Meet Baptiste Collot and Introduction to Fraud Trends • [03:13] – How AI Has Fueled the Explosion of Fraud • [05:17] – Why Defense Mechanisms Are Still Lagging Behind • [07:19] – The Globalization of Fraud: No Borders Anymore • [10:20] – Regional Differences in Fraud Tactics • [12:13] – Common Fraud Schemes Explained (Vendor Impersonation, Deepfakes, etc.) • [16:54] – How Deepfakes Are Being Used to Commit Fraud • [21:46] – How Trustpair Automates Vendor and Bank Account Validation • [32:00] – ChatGPT and AI Tools: New Weapons for Fraudsters • [36:09] – The Domino Effect: How Fraud Damages Beyond Money • [48:16] – Building a Business Case for Fraud Prevention • [51:40] – Real-World Examples: How Trustpair Helped Clients Prevent Fraud • [56:33] – Final Thoughts & How to Connect with Baptiste Follow our guest Baptiste Collot: • LinkedIn: https://www.linkedin.com/in/bcollot/  • Website: https://www.linkedin.com/company/trustpair/  Follow Corporate Treasury 101: • Website: https://corporate-treasury-101.com/  • LinkedIn: https://www.linkedin.com/company/86645197/admin/dashboard/   Follow Hussam & Guillaume: • Hussam on LinkedIn: https://www.linkedin.com/in/hussam-ali-6bb69186/  • Guillaume on LinkedIn: https://www.linkedin.com/in/guillaume-jouvencel/  • Gha Marketing Website: https://ghapodcast.com/  #FraudPrevention #CorporateTreasury #CyberSecurity #VendorRisk #DeepfakeFraud #TreasuryPodcast #StrategicTreasury #CTPDiscount ---------------------------------------------------------------------------------- Get $100 off any AFP product, including their CTP Exam Prep Platform, using our discount code! Find this and More on our partner's page https://www.corporate-treasury-101.com/partners-page