Our Head of Payments Taylor Nemeth contributed this article to University Business
3 Best Practices for Preventing Payments Fraud
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?