In the News: How Universities Are Fighting Payments Fraud

Posted by PaymentWorks Staff on Feb 25, 2021 9:53:12 AM

PaymentWorks is featured in this article by PaymentsNEXT.

How Universities Are Fighting Payments Fraud

When it comes to fraud, universities are just one more appealing target for cybercriminals. Like many businesses, universities are taking proactive measures to prevent B2B fraud, and they’re looking to digital identity platforms and automation to reduce their vulnerability to attack dramatically12 minutes and editing.

Like the recent Florida municipal water attack, universities and other public institutions and businesses are all under attack by fraudsters.

According to the FBI, in 2019, $1.7 billion was stolen through business email compromise scams in the US. Globally, Nilson estimates 2020 payment fraud more than tripled from $9.84 billion in 2011 to $32.39 billion in 2020.keys to fighting fraud

Read the entire PaymentsNext story featuring PaymentWorks here.

 

Topics: payments fraud, higher education, partners, vendor master

Higher Education Institutions Rely on PaymentWorks to Digitize Critical Supplier Payment Functions and Guard Against Fraud

Posted by PaymentWorks Staff on Feb 16, 2021 8:08:00 AM

 

Automating pervasive manual processes eliminates the risk of business payments fraud and ensures consistency of payments despite pandemic-driven changes to internal controls   

Waltham, MA – Feb 15, 2021 – PaymentWorks today announced higher education institutions across the country are increasingly relying on the PaymentWorks Business Identity Platform to automate critical payee identity processes and eliminate the risk of business payments fraud. Notable new customers include Rensselaer Polytechnic Institute (RPI), The University of Tennessee and The University of Alabama. For more on how we help universities know who they are doing business with visit, paymentworks.com/how-it-works.

Topics: higher education, AP, procurement, #paymentsfraud, vendor master

E&I Cooperative Services & PaymentWorks Announce New Agreement for Secure Vendor Management

Posted by PaymentWorks Staff on Feb 4, 2021 10:14:54 AM

 

Partnership Expands Affordable Access to Secure Vendor Management in an Era of Remote Work

 

February 4, 2021, Waltham, MA and Jericho, NY-  PaymentWorks and E&I Cooperative Services (E&I) recently launched a competitively solicited lead public agency (LPA) contract for supplier information management (SIM) systems. This agreement creates an avenue for E&I members in higher education and K-12 to implement secure, repeatable, transparent vendor onboarding and relationship management. 

Topics: compliance, higher education, AP, vendor master

PaymentWorks Presents Risky Business Ep 5: Third Party Mgmt & Risk-A Primer

Posted by PaymentWorks Staff on Feb 4, 2021 10:09:31 AM

Yakut Akman has 40 years of experience in financial services, covering a wide range of functions globally, including Operations & Technology, Risk Management, Audit, and Regulatory Compliance.  She joined our podcast to share her prescription for how to structure third party risk at any sized organization.

Topics: compliance, podcast, risk

PaymentWorks Celebrates Successful Year Driven by Accelerated Market Shift to Digital Payments and Massive Disruption to Workplace

Posted by PaymentWorks Staff on Jan 19, 2021 11:18:46 AM

 

Company increases revenue by 200%, increases enterprise customer base by 80% and unveils the markets first fraud indemnification program 

Waltham, MA – January 19, 2021 – The impact of the global pandemic on the way we conduct business significantly accelerated the market shift to digital payments, especially among enterprises which still predominantly rely on check based payments. Moreover, the massive disruption to the workplace as organizations transitioned to virtual operations exposed them to unprecedented cyber threats, most notably business payments fraud which according to the FBI saw a dramatic uptick in 2020. PaymentWorks unique business identity platform automates the complex payee management process and eliminates the risk of business payments fraud. By helping organizations make the critical shift to digital payments and secure their operations from external threats, PaymentWorks was able to achieve rapid growth in 2020.  To learn more about our unique business identity platform, visit HERE

Topics: payments fraud, higher education, vendor master, risk

In the News: Three Predictions for B2B Payments

Posted by Thayer Stewart, CEO on Dec 16, 2020 11:12:49 AM

Our CEO Thayer Stewart recently contributed this column to PaymentsNext:

Three Predictions for B2B Payments: Where Next for ACH Credit Transactions?

Everywhere you look, the statistics on B2B payments point to a rapid rise in the adoption of digital payments. Checks are still around, of course (and continue to cost businesses money to process), but according to a report from Statista, ACH credit transactions have taken over as the number one choice for B2B payments.payments-150x101@2x

In 2019 alone, the nonprofit group Nacha found B2B payments on the ACH Network had reached an all-time high citing a whopping $4 billion in B2B payment transactions. Given the impact of the pandemic, this number is sure to rise for 2020 as well.

Dirty Little Secret – Business Payments Fraud Is Real & It’s Coming For You: Actionable Ways to Mitigate Risk

Posted by PaymentWorks Staff on Nov 24, 2020 11:10:00 AM

Our CEO Thayer Stewart recently published a column in PaymentsJournal.

Dirty Little Secret – Business Payments Fraud Is Real and It’s Coming For You: Actionable Ways to Mitigate Risk Today

Each day, financial institutions see hundreds of thousands of payments come in and hundreds of thousands of payments go out. And with humans still at the epicenter of these transactions–tasked with authenticating and authorizing payment is in fact going to the right vendor–businesses are left vulnerable to increasingly savvy fraudsters. 

Read the entire article on PaymentsJournal.

Topics: payments fraud, AP, vendor master, risk

PaymentWorks Presents Risky Business Episode 4: Where's My Vendor

Posted by PaymentWorks Staff on Nov 17, 2020 10:00:00 AM

PaymentWorks Presents Risky Business Episode 4: Where's My Vendor?

From changes stemming from COVID to what keeps them up at night, listen to Wendy Grayauskie from Villanova University and Miguel Silva from California State University Monterey Bay share what life is like on the front lines of vendor management.

PaymentWorks Presents-guest-Episode4

Listen to the full podcast here.

Read the blog here.

Topics: higher education, procurement, vendor master

PaymentWorks Teams with Nacha to Address Payments Fraud- Webinar

Posted by PaymentWorks Staff on Oct 21, 2020 8:35:00 AM

Cybersecurity Awareness Month Session Titled “Payments Fraud and Your Vendor Master: Uncovering Hidden Risks”

PW-webinar-Twitter_72

 

Topics: partners, ACH, #paymentsfraud, risk

Preventing Fraud is the Immediate Need

Posted by PaymentWorks Staff on Oct 19, 2020 11:57:00 AM

DistillINFO recently interviewed our CEO, Thayer Stewart on the risks of payments fraud in healthcare.

Preventing Fraud is the Immediate Need

When health care organizations rely o

n static “vendor forms” to collect information from third-parties – it exposes them to risk. Where there is a manual process, there is plenty of room for mistakes.

The vendor set-up and maintenance process is fundamentally flawed because it relies on people making (largely uninformed) judgements- such as ‘do I change this vendor’s bank account based on this email request?’ Additionally, vendor relationships run through procurement, AP, risk, insurance, diversity and individual business units, with no clear owner at most organizations. Who ultimately is responsible for the verification of the vendor’s info?

You can read the entire interview at DistillINFO.

Topics: payments fraud, ACH, vendor master, risk

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