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

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

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: Episode One Clay Deutsch

Posted by PaymentWorks Staff on Sep 16, 2020 8:15:00 PM

PaymentWorks interviews the former CEO of Boston Private bank regarding the evolution of risk management, vendor management, and the increasing threat of payments fraud for businesses.

Topics: compliance, payments fraud, AP, podcast

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