--- title: Guarding Against Social Engineering Fraud description: The time is now for organizations to re-evaluate business procedures and invest in updated technology to defend against increasingly savvy fraudsters. image: https://blog.paymentworks.com/hubfs/Screen%20Shot%202021-06-30%20at%2012.37.04%20PM.png --- [![PaymentWorks](https://blog.paymentworks.com/hubfs/PaymentWorks_February2020/images/logo.svg)](https://www.paymentworks.com/) - How it Works - - [Overview](https://www.paymentworks.com/how-it-works) - [Why it Matters](https://www.paymentworks.com/why-it-matters) - - For Payers - See how they do it at: - [University of Kentucky](https://www.paymentworks.com/case-studies/kentucky/) - [Hackensack Meridian](https://www.paymentworks.com/case-studies/hackensack-meridian/) - [Johns Hopkins](https://www.paymentworks.com/case-studies/johns-hopkins/) - [Frequently Asked Questions](https://www.paymentworks.com/faq/payers/) - [Request a Demo](https://www.paymentworks.com/schedule-demo) - For Payees - [Frequently Asked Questions](https://www.paymentworks.com/faq/payees/) - [Join PaymentWorks](https://www.paymentworks.com/accounts/register-payee/) - About - - [About Us](https://www.paymentworks.com/about-us/paymentworks/) - [Our Partners](https://www.paymentworks.com/about-us/partners/) - [Work Here](https://www.paymentworks.com/about-us/work-here/) - [Blog](https://blog.paymentworks.com/) - [Press](https://news.paymentworks.com/press) - [Refer A Lead](https://share.hsforms.com/1NZzs6_82R52Z5GNpdHp4tA49idv) - Contact - - - - - Sales - [info@paymentworks.com](mailto:info@paymentworks.com) - - Support - [support@paymentworks.com](mailto:support@paymentworks.com) - - - Press - [press@paymentworks.com](mailto:press@paymentworks.com) - - HQ - [info@paymentworks.com](mailto:info@paymentworks.com) - 51 Sawyer Road Suite 310 Waltham, MA 02453 - [Sign In](https://www.paymentworks.com/accounts/login/) [Payees Join Here](https://www.paymentworks.com/accounts/register-payee/) - [Sign In](https://www.paymentworks.com/accounts/login/) - [Payees Join Here](https://www.paymentworks.com/accounts/register-payee/) ![banner-image](https://blog.paymentworks.com/hubfs/PaymentWorks_March2020_Blair/images/paymentworks-hubspot-banner_v2-04.png) ## PaymentWorks Blog # Guarding Against Social Engineering Fraud Posted by [Angela Sarno](https://blog.paymentworks.com/author/angela-sarno) on Jun 30, 2021, 1:38:44 PM - [Tweet](https://twitter.com/share) Cyber criminals stole more than $28 billion through email fraud from 2016-2020, according to the FBI.  Let that sink in. The time is **now** for organizations to re-evaluate business procedures and invest in updated technology to defend against increasingly savvy fraudsters.  This is the premise of a new whitepaper we were thrilled to co-author with [Chubb](http://www.chubb.com/) and [Gordon Rees Scully Mansukhani](https://www.grsm.com/) LLP.  The paper, “[Guarding Against Email Social Engineering Fraud: Re-examining a Global Problem](https://www.chubb.com/content/dam/chubb-sites/chubb-com/us-en/business-insurance/social-engineering-fraud/documents/2021-06.24-17-01-0287-Guarding_Against_Email_Social_Engineering_Fraud_electronic.pdf),” explores common types of email social engineering schemes, particularly involving payments and suppliers, and how today’s cyber criminals are employing more sophisticated social engineering attacks than in the past. The paper also discusses ways in which companies can deploy technology and update their business practices to help verify information received electronically and authenticate the identity of business partners. According to the new whitepaper, the most common social engineering fraud schemes include impersonation of executives, vendors and suppliers, exploitation of email accounts, and manipulation of vendor management accounts.  Some of the best ways to prevent these attacks include exactly what our business identity platform was built to do, including: 1. Reevaluate and rebuild the vendor management processes to account for changes to vendor data, rather than address them ad hoc during the payment process 2. Authenticate the information provided by using a modern technology platform that allows companies to onboard vendors or payees in a secure network environment to prove and verify identity Check out the new whitepaper [HERE](https://www.chubb.com/content/dam/chubb-sites/chubb-com/us-en/business-insurance/social-engineering-fraud/documents/2021-06.24-17-01-0287-Guarding_Against_Email_Social_Engineering_Fraud_electronic.pdf) and [get in touch](https://learn.paymentworks.com/is-it-really-ok-to-pay) to learn more about how we can help prevent the risk of business payments fraud before its too late! --- You can also check out our FREE guides: [Business Payments Fraud: Risk Assessment, Fraud Vectors and Prevention](https://learn.paymentworks.com/en-us/business-payments-fraud-risk-assessment-fraud-vectors-prevention) [Automation: Pitfalls and Practical Advice in the Quest for a Perfect Vendor Master](https://learn.paymentworks.com/en-us/automation-pitfalls-practical-advice-perfection) Topics: [payments fraud](https://blog.paymentworks.com/tag/payments-fraud), [insurance](https://blog.paymentworks.com/tag/insurance), [ACH](https://blog.paymentworks.com/tag/ach), [vendor master](https://blog.paymentworks.com/tag/vendor-master), [risk](https://blog.paymentworks.com/tag/risk) ### ![PaymentWorks-Logo-Black_600tall](https://blog.paymentworks.com/hs-fs/hubfs/Branding/Logos/PaymentWorks-Logo-Black_600tall.jpg?width=324&name=PaymentWorks-Logo-Black_600tall.jpg) The Business Identity Platform that automates complex payee management processes to: - **Eliminate** the risk of business payments fraud   - **Reduce** cost - **Ensure** compliance ### Sign up to be alerted when we publish interesting things ### Recent Posts ### Posts by Tag - [payments fraud (28)](https://blog.paymentworks.com/tag/payments-fraud) - [risk (25)](https://blog.paymentworks.com/tag/risk) - [vendor master (19)](https://blog.paymentworks.com/tag/vendor-master) - [insurance (13)](https://blog.paymentworks.com/tag/insurance) - [ACH (12)](https://blog.paymentworks.com/tag/ach) - [AP (12)](https://blog.paymentworks.com/tag/ap) - [compliance (12)](https://blog.paymentworks.com/tag/compliance) - [podcast (8)](https://blog.paymentworks.com/tag/podcast) - [procurement (6)](https://blog.paymentworks.com/tag/procurement) - [social engineering fraud (6)](https://blog.paymentworks.com/tag/social-engineering-fraud) - [business payments (5)](https://blog.paymentworks.com/tag/business-payments) - [higher education (5)](https://blog.paymentworks.com/tag/higher-education) - [Cyber Security (3)](https://blog.paymentworks.com/tag/cyber-security) - [banks (2)](https://blog.paymentworks.com/tag/banks) - [identity (2)](https://blog.paymentworks.com/tag/identity) - [supply chain (2)](https://blog.paymentworks.com/tag/supply-chain) - [tips from the frontlines (2)](https://blog.paymentworks.com/tag/tips-from-the-frontlines) - [#paymentsfraud (1)](https://blog.paymentworks.com/tag/paymentsfraud) - [Insider (1)](https://blog.paymentworks.com/tag/insider) - [vendor management (1)](https://blog.paymentworks.com/tag/vendor-management) See all #### How it Works [Overview](https://www.paymentworks.com/how-it-works) [Why it Matters](https://www.paymentworks.com/why-it-matters) #### For Payers - See how they do it at: [*Hackensack Meridian*](https://www.paymentworks.com/case-studies/hackensack-meridian/) [*University of Kentucky*](https://www.paymentworks.com/case-studies/kentucky/) [*Johns Hopkins Enterprises*](https://www.paymentworks.com/case-studies/johns-hopkins/) - [Frequently Asked Questions](https://www.paymentworks.com/faq/payers/) - [Request a Demo](https://www.paymentworks.com/schedule-demo) #### For Payees - [Frequently Asked Questions](https://www.paymentworks.com/faq/payees/) - [Join PaymentWorks](https://www.paymentworks.com/accounts/register-payee/) #### About [About Us](https://www.paymentworks.com/about-us/paymentworks/) [Our Partners](https://www.paymentworks.com/about-us/partners/) [Work Here](https://www.paymentworks.com/about-us/work-here/) [Press](https://news.paymentworks.com/press) #### Contact Us - Sales [info@paymentworks.com](mailto:info@paymentworks.com) - Support [support@paymentworks.com](mailto:support@paymentworks.com) - Press [press@paymentworks.com](mailto:press@paymentworks.com) - HQ [info@paymentworks.com](mailto:info@paymentworks.com) ##### 51 Sawyer Road Suite 310 Waltham, MA 02453 © 2014 - 2021 PaymentWorks, Inc. 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