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. 

Our Head of Payments Taylor Nemeth contributed this article to University Business

3 Best Practices for Preventing Payments Fraud

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.

Read the entire PaymentsNext story featuring PaymentWorks here.

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.

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. 

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. 

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.

Listen to the full podcast here.

Read the blog here.

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.