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.

Read the entire PaymentsNext story featuring PaymentWorks here.

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.

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. 

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.

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. 

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.

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.

Listen to the full podcast here.

Read the blog here.

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

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.

PaymentWorks Presents Risky Business Episode 3: Matt Klein Answers the Million Dollar Question About Coverage

Matt Klein, National Fidelity Product Leader at Willis Towers Watson, breaks down the world of insurance and coverage for losses stemming from social engineering frauds. He walks us through the exacting claims process, what questions you should ask your insurance provider right now, and what business leaders will need to do to prepare for such attacks.

Listen to the full podcast here.

Read the blog version here.