Novex Engineering manufactures heavy-duty machinery and exports to over 60 countries. It relies on a network of specialized component and tooling suppliers — many of which are smaller, family-owned companies based in Eastern Europe and Turkey.

These vendors are often paid large upfront deposits before delivery, making bank verification a critical control point in Novex’s fraud prevention strategy.

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The Problem

In early 2024, Novex lost €120,000 to a fraudulent supplier account switch during a tooling prepayment.

• The fraud wasn’t caught because the new IBAN had a valid format
• The name mismatch between the vendor and the account holder was not checked
• After the incident, multiple teams added manual document review, further slowing onboarding to 4–5 days

“We had a security gap disguised as a process. We were validating IBANs — not identities.”

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The Solution

Novex turned to MonitorPay.ai to implement automated verification of all supplier bank accounts, especially for prepayment contracts over €25,000.

They implemented:

• Payee-to-IBAN name matching logic
• Ownership verification of business bank accounts
• An internal policy that flags mismatches or unverifiable accounts for manual escalation

MonitorPay’s webhook alerts and audit logs were integrated into their internal procurement platform, which feeds into Microsoft Dynamics 365.

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The Results

• 🛑 100% of high-risk supplier payments now verified
• ⚠️ 5 account fraud attempts blocked in the first quarter
• 🗓 Cut onboarding from 5 days to under 24 hours
• 🧾 Created pre-audit trails for all supplier payments above €10K
• ✅ Implemented uniform process across France, Italy, and Turkey ops

“We now treat every new supplier bank account as a potential vulnerability — and MonitorPay seals that gap.”

— Group Procurement Risk Lead, Novex Engineering Ltd.