Our CTO Alan Greenblatt recently spoke with CyberNews to talk through how humans cannot be your last line of defense when it coms to fighting business payments fraud.
Our CTO and co-founder, Aland Greenblatt, was recently interviewed for a feature on CyberGhost.
Huron, Carahsoft, and E&I Align with PaymentWorks to Offer Secure, Compliant and Optimized Business Payments
Waltham, Mass. — October 28, 2021 — PaymentWorks, the digital onboarding platform for secure, compliant, and optimized business payments, today launched a comprehensive partner program that will cover all aspects of the partner ecosystem, including system integrators, technical partners, resellers, and strategic partners. Featuring well-known organizations including Carahsoft, E&I, Huron as an implementation partner, as well as others, the initiative will extend the reach of PaymentWorks’ proven technology platform across market segments and build upon the organization’s mission to streamline and secure the business payments process. Visit our website for more information on how our new partner program works or to join our partner ecosystem.
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.
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.
Our own Alan Greenblatt sat down with Aviva Zacks of SafetyDetectives to talk all things cybersecurity and share more about how PaymentWorks was founded.
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.
Our Head of Payments Taylor Nemeth contributed this article to University Business
3 Best Practices for Preventing Payments Fraud
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?
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.