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

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 Launches Podcast Series to Help Organizations Identify & Mitigate Business Payments Fraud Risk

Posted by PaymentWorks Staff on Sep 21, 2020 2:07:55 PM

 

Inaugural episode features interview with Clay Deutsch, former CEO of Boston Private Bank

PaymentWorks Presents Risky Business-logo-final-72 (1)

Topics: compliance, insurance, podcast, #paymentsfraud

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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