Safety Detectives- Interview with Alan Greenblatt

Posted by PaymentWorks Staff on Jul 8, 2021 12:57:10 PM

Our own Alan Greenblatt sat down with Aviva Zacks of SafetyDetectives to talk all things cybersecurity and share more about how PaymentWorks was founded. 

Screen Shot 2021-07-08 at 12-51-32 PM-png

Alan recalls, “Thayer Stewart and I co-founded this company because we saw a big problem. Businesses with thousands of suppliers also had thousands of requests coming in to maintain compliance and different policies. Usually, companies use small teams of people to verify all this information and make sure everything is correct and that they are following the policies. It’s a very hard task, and the last thing on their mind is to make sure that the person providing all this information is actually who they purport to be. It’s done in most companies through mail, fax, and other manual processes, so we sought to build this system that would centralize the whole system, automate it, and make it much more secure, hopefully allowing our customers enough peace of mind that they can sleep a little better at night.”

Check out the full article and learn more about what we like to call our “multi-million dollar day” and how our unique business identity platform is helping safeguard customers from the risk of business payments fraud.



You can read the entire article on Safety Detective here.

Topics: payments fraud, ACH, vendor master, risk

New Chubb Whitepaper Explores Common Types of Email Social Engineering Schemes

Posted by PaymentWorks Staff on Jul 1, 2021 7:02:49 PM

Cyber criminals stole more than $28 billion through email fraud from 2016-2020, according to FBI; new Chubb paper urges companies to reevaluate their business procedures and invest in updated technology defenses to help reduce exposures.

PaymentWorks Bolsters Leadership Team

Posted by PaymentWorks Staff on May 12, 2021 8:57:49 AM

PaymentWorks Bolsters Leadership Team with New Senior Vice President of Sales and Vice President of Strategic Partnerships 

Industry veterans to support accelerated company growth, expand partner network and protect customers from increased threats to their business

Topics: payments fraud, partners, risk

Three Best Practices for Preventing Payments Fraud

Posted by Taylor Nemeth on Mar 31, 2021 10:58:00 AM

Our Head of Payments Taylor Nemeth contributed this article to University Business

3 Best Practices for Preventing Payments Fraud

With its public expenditure disclosures and decentralized procurement, higher education is especially vulnerable
 
While it may be a surprise to the average person that business payments fraud is the largest source of cybercrime in the U.S, it’s at the forefront of every professional working in accounts payable today—those responsible for authenticating and authorizing that critical payments are in fact going to the right vendor, day in and day out.

This is especially true for those working in higher education. With its public expenditure disclosures and decentralized procurement, higher education is especially vulnerable.

Not to mention, most colleges and universities conduct business with thousands of payees—individuals and enterprises, foreign and domestic—making payee identity management enormously challenging.

Sadly, many universities know this threat firsthand. University of San Diego lost $749,000 a year later. They are not alone.

So why isn’t anyone talking about it?

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

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.

META Full Logo

New and Happenings related to: 

  • Eliminating your risk for payments fraud
  • Reducing your costs
  • Ensuring your compliance

Recent Posts