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

PaymentWorks Celebrates Successful Year Driven by Accelerated Market Shift to Digital Payments and Massive Disruption to Workplace

Posted by PaymentWorks Staff on Jan 19, 2021 11:18:46 AM

 

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

Topics: payments fraud, higher education, vendor master, risk

PaymentWorks Presents Risky Business Episode 4: Where's My Vendor

Posted by PaymentWorks Staff on Nov 17, 2020 10:00:00 AM

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.

PaymentWorks Presents-guest-Episode4

Listen to the full podcast here.

Read the blog here.

Topics: higher education, procurement, vendor master

PaymentWorks Presents Risky Business Episode 2: Valarie Van Vlack

Posted by PaymentWorks Staff on Sep 24, 2020 10:58:03 AM

PaymentWorks interviews the Treasurer at Texas State University, Valarie Van Vlack on the unique mission of treasury in higher ed, and all of the creative ways fraudsters try to scam educational institutions.

Topics: higher education, podcast, #paymentsfraud

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