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.
Threat.Technology: What Problem Are You Trying to Solve?
Alan Greenblatt: According to the AFP, 74% of companies 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.
Check out: the entire article on Threat.Technology here.
Or see how it works here.