Digitalize Vendor Bank Account Verification Process using Artificial Intelligence to Detect Suspicious Activities

The purpose of the project is to enhance and strengthen the security of vendors’ bank accounts management process, we will develop an engine that tracks and monitors changes to bank accounts details using artificial intelligence. The engine will help to detect suspicions activities and prevent fraudulent incidents. The engine will analyze different events and trigger a workflow for reviewing suspicious changes or payments including but not limited to the below:

• Using OCR to match the entered IBAN in the system against the attached documents

• Check if the bank account was changed recently and a payment is following this change

• Check if the bank account was changed more than once in a short timeframe

• Check if the vendor has multiple related bank accounts and the new bank account differs in multiple ways e.g. all bank accounts are in the US while the new one is in Asia

• Check if the main contact of the vendor was changed and the bank account changed in the same short period

• Check if the account is sanctioned or vendor considered in a country with high risk

• Check if the beneficiary IBAN information is different from the registered bank account

https://www.aramco.com/

• Saudi Arabia

• Youth
• Older persons
• Women

The engine can be implemented in other corporates utilizing software solutions to detect suspicious activities related to vendor bank account management.

The solution provides a foundation to develop additional future scenarios, rules and plugins for proactively alerting about suspicious activities related to bank account management.

The solution strengthens the security of maintaining banking details and prevents fraudulent activities.