Verifying Vendor Information: What Does it Mean to "Verify?"

Posted by Angela Sarno on Sep 21, 2021 10:15:00 AM

In the course of building our network and our platform, we did what product people do: we talked to the market.  When it comes to the risk associated with vendor onboarding, everyone we spoke to was united.  However, when it came to how to solve it, consensus was elusive. Vendor management, AP and Procurement personnel know they should not trust banking information that arrives via email.  That is a given. To solve this most seem to focus verifying vendor banking information.  But what, exactly, does that mean?

shutterstock_1951920238How banking information gets 'verified', generally falls into these three buckets:

  1. Collecting a voided check or account info on bank letterhead
  2. Calling the vendor to confirm the change
  3. Multi levels of internal approvals for changes

All of these seem, on the surface, to be solid, but are not infallible in defending the vendor master from infiltration by fraudsters.  The devil, as they say, is in the details. If your organization is relying on any of these three ways to ensure the validity of your vendor master file's banking info, you are likely leaving holes wide enough for a fraudster to walk right in.

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Topics: payments fraud, AP, ACH, vendor master, risk

Email is the Start of the Problem

Posted by Angela Sarno on Sep 14, 2021 11:00:00 AM
Christopher Arehart knows a thing or two about social engineering fraud.  As senior vice president and product manager for North American Financial Lines at Chubb Insurance, he has the responsibility for  managing all product aspects of crime insurance, financial fidelity and some specialty risk related to kidnap and extortion. Or as he puts it, "things that go bump in the night.”
 
Listen to our podcast interview with Chris.
 
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Topics: payments fraud, insurance, podcast, vendor master

PaymentWorks featured in Threat.Technology

Posted by PaymentWorks Staff on Sep 7, 2021 10:33:00 AM

Our CTO and co-founder Alan Greenblatt answers all the questions from Threat.Technology about who we are at PaymentWorks, and where we are going.

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Topics: payments fraud, risk

The Payments Fraud Problem No One Will Talk About (Until Now)

Posted by Angela Sarno on Aug 19, 2021 10:01:00 AM

We talk a lot (I mean A LOT) around these parts about the constant threat posed to organizations when it comes to business payments fraud.  And you can see why:

The problem is, numbers this huge can tend to make a problem seem unknowable and unsolvable.  Especially since we very rarely get to learn exactly what happened. When an organization suffers financial losses due to a fraudster, they are usually unwilling or unable to share the details publicly, so the financial community as a whole doesn’t get to learn anything that could help them to avoid the same fate. 

Until now.

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Topics: payments fraud, ACH, vendor master, risk

The ROI on Vendor Management

Posted by Angela Sarno on Aug 12, 2021 10:02:00 AM

Julie-Anne White isn't going to argue that having a clean vendor master file is more important to a company than generating sales and growing revenue. (Because it isn't.)Julie-Anne White Headshot

But that doesn't mean the financial industry veteran thinks companies should penny pinch by failing to devote resources to vendor management. (Because they shouldn't.)

We interviewed Julie-Anne on the importance of accurate vendor information for our Risky Business podcast.  You can listen to the entire interview here.

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Topics: AP, insurance, ACH, vendor master

Fraudsters are targeting AP and Treasury. Are you next?

Posted by Angela Sarno on Aug 3, 2021 10:01:00 AM

"I feel as if I am holding a hand grenade with the pin pulled."

This is an actual quote from one of our customers, before she was a customer.  We hear versions of this all of the time when we speak to prospects. People are scared. 

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Topics: compliance, payments fraud, AP, ACH, vendor master, risk

5 tips for a clean (and fraud-free!) vendor master file

Posted by Angela Sarno on Jul 27, 2021 9:42:00 AM

Check out this helpful article featured in University Business and written by our valued customer, Lisa Doherty, procurement analyst with Texas State University. 

As industry statistics continue to rise around the threat of business payment fraud, Lisa shares best practices for a better vendor management process to mitigate these mounting risks -  targeted more often than not at AP and procurement departments. Lisa-LinkedIn (1)

As a one-woman shop with 30,000 vendor relationships to manage, Lisa is well versed in the challenges associated with managing the constant flux of information while balancing internal expectations efficiently.  Relying our business identity platform to automate a manual and often error prone vendor management process as well as executing her own daily tasks, Lisa is confident in the accuracy and reliability of vendor information, critical to safeguarding her organization from fraudulent behavior. 

Check out the full article, “5 tips for a clean (and fraud-free!) vendor master file,” HERE and let us know your tips for better vendor management!

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Topics: Insider, higher education, vendor master, risk

Covid-19 and the Acceleration of Identity

Posted by Taylor Nemeth on Jul 21, 2021 9:50:00 AM

Hopefully, you have already read the highlights from the first part of our absorbing interview with Dave Birch. (You can listen to the podcast here.)

And if you have then by now you know that as one of the industry's top money experts he writes books and advises companies, among his many endeavors. Birch's name and reputation is well established in the field of identity. shutterstock_726137065

But that doesn't mean he is any different from anyone else who has to go through the exhaustive efforts of proving their identity. As an executive officer of a company that was entitled to some pandemic assistance last year, Birch needed to provide proof of his address in order to facilitate what he referred to as "this ridiculous process."

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Topics: compliance, podcast, risk, identity

Identification, Authentication & Authorization: The Identity Puzzle

Posted by Taylor Nemeth on Jul 14, 2021 10:01:00 AM

Our most recent podcast guest, David Birch, had so many insights into the world of identity that we’ve created a two part blog of his highlights. Our conversation was wide-ranging and fascinating, but don’t just take our word for it, you can hear the entire interview here.

david birch headshot

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Topics: podcast, risk, identity

Guarding Against Social Engineering Fraud

Posted by Angela Sarno on Jun 30, 2021 1:38:44 PM

Cyber criminals stole more than $28 billion through email fraud from 2016-2020, according to the FBI.  Let that sink in.

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Topics: payments fraud, insurance, ACH, vendor master, risk

 

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The Business Identity Platform that automates complex payee management processes to:

  • Eliminate the risk of business payments fraud  
  • Reduce cost
  • Ensure compliance

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