Demand for PaymentWorks Unique Business Identity Platform Grows

Posted by PaymentWorks Staff on Sep 8, 2021 9:30:00 AM

Company expands customer roster and bolsters leadership team to address mounting risk  

Waltham, MA – September 8, 2021 – According to the FBI, cyber criminals stole more than $28 billion through email fraud from 2016-2020, making business payments fraud a significant threat to organizations of all sizes. In fact, 74% of companies reported they were a target of an attempted or successful payments fraud last year, according to the Association for Financial Professionals Annual Payments Fraud and Control Survey.  PaymentWorks unique business identity platform was purpose built to automate the complex payee management process and eliminate the risk of business payments fraud.  On the heels of a successful 2020, PaymentWorks continues to experience significant momentum and growth in the first half of 2021, helping organizations across industries swifty address mounting risks from savvy fraudsters. To learn more about our unique business identity platform, visit HERE

Topics: payments fraud, higher education, partners, risk, identity

PaymentWorks Wants to Keep Every B2B Payment Secure and Trust Between Parties High

Posted by PaymentWorks Staff on Sep 7, 2021 12:53:00 PM

Our CTO Alan Greenblatt was recently interviewed by Threat.Technology.  Except below.

PaymentWorks protects against B2B payments fraud, ensures regulatory compliance, and automates vendor management processes so every company can be 100% certain about every third-party they do business with.

What Problem Are You Trying to Solve?

According to the AFP, 74% of comp

anies reported they were the target of an attempted or successful payments fraud attack in 2020. More than three quarters of the time, these attacks stemmed from business or vendor email compromise as fraudsters pretended to be someone else – often an existing vendor – in the hopes of changing vendor bank account credentials.      

Alan G

Cybersecurity can help, but it cannot remove the risk of falling victim to this type of social engineering scam. 

Professionals in AP, Procurement and

Treasury live with a lot of stress about this. To alleviate the massive burden on these departments, PaymentWorks is offering what no one else in the industry can – a B2B payments security guarantee.   Vendors onboard through our platform, and if we give the thumbs up that a bank account is okay to pay, and we’re wrong, that is a PaymentWorks problem.  

Our customers can go back to sleeping at night.  Plus, they get compliance and added cost avoidance associated with vendor management to boot.

Read the entire article on Threat.Technology here.

Topics: compliance, payments fraud, AP, ACH, vendor master

PaymentWorks Presents: Risky Business Episode 6

Posted by PaymentWorks Staff on Aug 10, 2021 10:00:39 AM

Identification, Authentication and Authorization featuring David GW Birch

PaymentWorks Presents-Episode6-LinkedIn

David Birch leads 15Mb Ltd (his advisory practice), is Global Ambassador for Consult Hyperion (the secure electronic transactions consultancy that he helped to found), Non-Executive Chairman of Digiseq Ltd, Ambassador for Jersey for Fintech, a member of the Governing Council of the Centre for the Study of Financial Innovation (the London-based think tank) and holds number of board-level advisory roles. He is an Honorary President of EEMA, the European e-ID Association. Before helping to found Consult Hyperion in 1986, he spent several years working as a consultant in Europe, the Far East and North America.

Topics: payments fraud, podcast, risk, identity

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

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