--- title: PaymentWorks Blog | AP description: AP | --- [![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 ## [Vendoring 101: Live Event Recap](https://blog.paymentworks.com/vendoring-101-live-event-recap) Posted by [Angela Sarno](https://blog.paymentworks.com/author/angela-sarno) on Aug 24, 2022, 11:03:37 AM - [Tweet](https://twitter.com/share) [![Debra Richardson headshot](https://blog.paymentworks.com/hubfs/DeborahRichardson-400x400.jpg)](https://blog.paymentworks.com/vendoring-101-live-event-recap)   ## **Vendor Onboarding 101: How to Build a More Secure and Compliant Process** ## ***Top 3 Take-Aways from Our Live Event with AP Guru, Debra R. Richardson*** We recently had the pleasure of talking to Debra R. Richardson, LLC., who is using her 20+ years of experience in AP, AR, general ledger and financial reporting for Fortune 500 companies to help AP teams implement authentication **![DeborahRichardson-400x400](https://blog.paymentworks.com/hs-fs/hubfs/DeborahRichardson-400x400.jpg?width=263&name=DeborahRichardson-400x400.jpg) ****techniques, internal controls and best practices to prevent fraud in the vendor master file. She also has a weekly blog and hosts the podcast: “[Putting the AP in hAPpy](https://www.debrarrichardson.com/podcasts)”.****** Thinking about moving to automation, but haven’t made the jump yet? Here are 3 actionable items that you can implement today to mitigate the risks associated with fraud and compliance and mistakes! [Read More](https://blog.paymentworks.com/vendoring-101-live-event-recap) 0 Comments [Click here to read/write comments](https://blog.paymentworks.com/vendoring-101-live-event-recap#comments-listing) Topics: [compliance](https://blog.paymentworks.com/tag/compliance), [AP](https://blog.paymentworks.com/tag/ap), [ACH](https://blog.paymentworks.com/tag/ach), [risk](https://blog.paymentworks.com/tag/risk), [social engineering fraud](https://blog.paymentworks.com/tag/social-engineering-fraud), [vendor management](https://blog.paymentworks.com/tag/vendor-management) ## [Social Engineering Frauds- 2021 Stats](https://blog.paymentworks.com/social-engineering-frauds-2022-vs-2021) Posted by [Angela Sarno](https://blog.paymentworks.com/author/angela-sarno) on Jun 1, 2022, 9:45:00 AM - [Tweet](https://twitter.com/share) [![inforgraphic of fraud stats](https://blog.paymentworks.com/hubfs/Screen%20Shot%202022-05-27%20at%201.31.37%20PM.png)](https://blog.paymentworks.com/social-engineering-frauds-2022-vs-2021) The 2021 numbers are in... and fraudsters are still gonna fraud. ![Screen Shot 2022-05-27 at 1.31.37 PM](https://blog.paymentworks.com/hs-fs/hubfs/Screen%20Shot%202022-05-27%20at%201.31.37%20PM.png?width=1565&name=Screen%20Shot%202022-05-27%20at%201.31.37%20PM.png)Both the[Association of Financial Professionals 2022 Payments Fraud and Controls Survey](https://www.afponline.org/publications-data-tools/reports/survey-research-economic-data/Details/payments-fraud) and the [FBI's Internet Crime Report for 2021](https://www.ic3.gov/Media/PDF/AnnualReport/2021_IC3Report.pdf) recently published, and while there were no big surprises, there were a couple of points that are worth pondering. [Read More](https://blog.paymentworks.com/social-engineering-frauds-2022-vs-2021) 0 Comments [Click here to read/write comments](https://blog.paymentworks.com/social-engineering-frauds-2022-vs-2021#comments-listing) Topics: [payments fraud](https://blog.paymentworks.com/tag/payments-fraud), [AP](https://blog.paymentworks.com/tag/ap), [insurance](https://blog.paymentworks.com/tag/insurance), [risk](https://blog.paymentworks.com/tag/risk), [social engineering fraud](https://blog.paymentworks.com/tag/social-engineering-fraud) ## [Three Bank Account Verification Methods to Scrap in 2022](https://blog.paymentworks.com/three-verification-methods-to-scrap-in-2022) Posted by [Angela Sarno](https://blog.paymentworks.com/author/angela-sarno) on Jan 4, 2022, 10:15:00 AM - [Tweet](https://twitter.com/share) [![icon representing a phishing scam](https://blog.paymentworks.com/hubfs/Landing%20Page%20Graphic/NAEP-iconsAsset-1.jpg)](https://blog.paymentworks.com/three-verification-methods-to-scrap-in-2022) ## Think your bank account verification process confirms ownership? Think again. How procurement and finance departments verify banking information 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.  **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. ** Let’s break each one down: [Read More](https://blog.paymentworks.com/three-verification-methods-to-scrap-in-2022) 0 Comments [Click here to read/write comments](https://blog.paymentworks.com/three-verification-methods-to-scrap-in-2022#comments-listing) Topics: [payments fraud](https://blog.paymentworks.com/tag/payments-fraud), [AP](https://blog.paymentworks.com/tag/ap), [insurance](https://blog.paymentworks.com/tag/insurance), [vendor master](https://blog.paymentworks.com/tag/vendor-master), [Cyber Security](https://blog.paymentworks.com/tag/cyber-security), [business payments](https://blog.paymentworks.com/tag/business-payments) ## [What AP Can Learn From Procurement](https://blog.paymentworks.com/what-ap-can-learn-from-procurement) Posted by [Angela Sarno](https://blog.paymentworks.com/author/angela-sarno) on Oct 27, 2021, 10:15:00 AM - [Tweet](https://twitter.com/share) [![team handshake](https://blog.paymentworks.com/hubfs/shutterstock_543333040.jpg)](https://blog.paymentworks.com/what-ap-can-learn-from-procurement) As promised, we have our ‘counterpoint’ to last week’s blog. This week it’s your turn AP!  There is so much you can learn from your peers in procurement. I cannot wait to dive in!  (*Side note: finding just the right image in stock art kept me up late last night.  Please enjoy this wonderful team huddle.)* [Read More](https://blog.paymentworks.com/what-ap-can-learn-from-procurement) 0 Comments [Click here to read/write comments](https://blog.paymentworks.com/what-ap-can-learn-from-procurement#comments-listing) Topics: [AP](https://blog.paymentworks.com/tag/ap), [procurement](https://blog.paymentworks.com/tag/procurement), [risk](https://blog.paymentworks.com/tag/risk), [supply chain](https://blog.paymentworks.com/tag/supply-chain), [business payments](https://blog.paymentworks.com/tag/business-payments) ## [What Procurement Can Learn From AP](https://blog.paymentworks.com/what-procurement-can-learn-from-ap) Posted by [Angela Sarno](https://blog.paymentworks.com/author/angela-sarno) on Oct 21, 2021, 10:06:00 AM - [Tweet](https://twitter.com/share) [![fragile supply chain held with a paper clip](https://blog.paymentworks.com/hubfs/shutterstock_331812122.jpg)](https://blog.paymentworks.com/what-procurement-can-learn-from-ap) At PaymentWorks we love Procurement and AP equally. We have amazing champions and customers in both areas, and our platform has strategic benefits to both functions.  Yet, we are constantly surprised that these two seemingly made-for-each-other departments don't always appreciate all they do in support of each other. ![shutterstock_331812122](https://blog.paymentworks.com/hs-fs/hubfs/shutterstock_331812122.jpg?width=397&name=shutterstock_331812122.jpg) So we thought we'd take a stab in this two part series at playing 'counselor' to this couple, and walk through just how much they could learn from each other. Let's begin. [Read More](https://blog.paymentworks.com/what-procurement-can-learn-from-ap) 0 Comments [Click here to read/write comments](https://blog.paymentworks.com/what-procurement-can-learn-from-ap#comments-listing) Topics: [payments fraud](https://blog.paymentworks.com/tag/payments-fraud), [AP](https://blog.paymentworks.com/tag/ap), [procurement](https://blog.paymentworks.com/tag/procurement), [supply chain](https://blog.paymentworks.com/tag/supply-chain) ## [Verifying Vendor Information: What Does it Mean to "Verify?"](https://blog.paymentworks.com/what-does-it-mean-to-verify) Posted by [Angela Sarno](https://blog.paymentworks.com/author/angela-sarno) on Sep 21, 2021, 10:15:00 AM - [Tweet](https://twitter.com/share) [![Is it true? Who can tell.](https://blog.paymentworks.com/hubfs/shutterstock_1951920238.jpg)](https://blog.paymentworks.com/what-does-it-mean-to-verify) 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_1951920238](https://blog.paymentworks.com/hs-fs/hubfs/shutterstock_1951920238.jpg?width=289&name=shutterstock_1951920238.jpg)How 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. [Read More](https://blog.paymentworks.com/what-does-it-mean-to-verify) 0 Comments [Click here to read/write comments](https://blog.paymentworks.com/what-does-it-mean-to-verify#comments-listing) Topics: [payments fraud](https://blog.paymentworks.com/tag/payments-fraud), [AP](https://blog.paymentworks.com/tag/ap), [ACH](https://blog.paymentworks.com/tag/ach), [vendor master](https://blog.paymentworks.com/tag/vendor-master), [risk](https://blog.paymentworks.com/tag/risk) ## [The ROI on Vendor Management](https://blog.paymentworks.com/the-roi-on-vendor-management) Posted by [Angela Sarno](https://blog.paymentworks.com/author/angela-sarno) on Aug 12, 2021, 10:02:00 AM - [Tweet](https://twitter.com/share) [![Julie-Anne White Risky Business podcast graphic](https://blog.paymentworks.com/hubfs/PaymentWorks%20Presents-Episode7-LinkedIn.jpg)](https://blog.paymentworks.com/the-roi-on-vendor-management) 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](https://blog.paymentworks.com/hs-fs/hubfs/Jack%20Julie%20Mark%20(2).jpg?width=285&name=Jack%20Julie%20Mark%20(2).jpg) 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](https://soundcloud.com/user-339299221-113829161/risky-business-episode-7-keeping-it-clean).* [Read More](https://blog.paymentworks.com/the-roi-on-vendor-management) 0 Comments [Click here to read/write comments](https://blog.paymentworks.com/the-roi-on-vendor-management#comments-listing) Topics: [AP](https://blog.paymentworks.com/tag/ap), [insurance](https://blog.paymentworks.com/tag/insurance), [ACH](https://blog.paymentworks.com/tag/ach), [vendor master](https://blog.paymentworks.com/tag/vendor-master) ## [Fraudsters are targeting AP and Treasury. Are you next?](https://blog.paymentworks.com/fraudsters-are-targeting-ap-and-treasury.-are-you-next) Posted by [Angela Sarno](https://blog.paymentworks.com/author/angela-sarno) on Aug 3, 2021, 10:01:00 AM - [Tweet](https://twitter.com/share) [![PaymentWorks payments fraud statistics. And some sheep.](https://blog.paymentworks.com/hubfs/PaymentWorks%20Payments%20Fraud%20Infographic.png)](https://blog.paymentworks.com/fraudsters-are-targeting-ap-and-treasury.-are-you-next) ## "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.  [Read More](https://blog.paymentworks.com/fraudsters-are-targeting-ap-and-treasury.-are-you-next) 0 Comments [Click here to read/write comments](https://blog.paymentworks.com/fraudsters-are-targeting-ap-and-treasury.-are-you-next#comments-listing) Topics: [compliance](https://blog.paymentworks.com/tag/compliance), [payments fraud](https://blog.paymentworks.com/tag/payments-fraud), [AP](https://blog.paymentworks.com/tag/ap), [ACH](https://blog.paymentworks.com/tag/ach), [vendor master](https://blog.paymentworks.com/tag/vendor-master), [risk](https://blog.paymentworks.com/tag/risk) ## ["Where is My Vendor?"](https://blog.paymentworks.com/where-is-my-vendor) Posted by [Taylor Nemeth](https://blog.paymentworks.com/author/taylor-nemeth) on Nov 17, 2020, 10:01:00 AM - [Tweet](https://twitter.com/share) [![Wendy Grayauskie and Miguel Silva on PaymentWorks Presents](https://blog.paymentworks.com/hubfs/PW%20-%20presents-Ep4-pix-w-margin_2x1.jpg)](https://blog.paymentworks.com/where-is-my-vendor)   Wendy Grayauskie, Assistant Director for Procurement at Villanova University, and Miguel Silva, Procurement Assistant for CSU Monterey Bay, joined us for the 4th installment of our podcast: [PaymentWorks Presents Risky Business. ](https://podcasts.apple.com/us/podcast/risky-business-wheres-my-vendor/id1580993090?i=1000532288544) Below is an edited excerpt from that conversation where they discuss how the title of this blog is what keeps them up at night. You can listen to the full podcast [here.](https://podcasts.apple.com/us/podcast/risky-business-wheres-my-vendor/id1580993090?i=1000532288544) ![Wendy Grayauskie and Miguel Silva](https://blog.paymentworks.com/hs-fs/hubfs/wendy%20miguel.png?width=557&name=wendy%20miguel.png) [Read More](https://blog.paymentworks.com/where-is-my-vendor) 0 Comments [Click here to read/write comments](https://blog.paymentworks.com/where-is-my-vendor#comments-listing) Topics: [higher education](https://blog.paymentworks.com/tag/higher-education), [AP](https://blog.paymentworks.com/tag/ap), [procurement](https://blog.paymentworks.com/tag/procurement), [podcast](https://blog.paymentworks.com/tag/podcast), [vendor master](https://blog.paymentworks.com/tag/vendor-master) ## [5 Ways Your Vendor Master is Costing You Money - Mistakes & Fraud Edition](https://blog.paymentworks.com/5-ways-your-vendor-master-is-costing-you-money-mistakes-fraud-edition) Posted by [Angela Sarno](https://blog.paymentworks.com/author/angela-sarno) on Oct 6, 2020, 10:02:00 AM - [Tweet](https://twitter.com/share) [![Your Vendor Master is Costing You Money](https://blog.paymentworks.com/hubfs/shutterstock_188080733%20(1).jpg)](https://blog.paymentworks.com/5-ways-your-vendor-master-is-costing-you-money-mistakes-fraud-edition) Mistakes are going to happen in any business, at least any business that involves humans. There really isn’t any way around that.  While it would be wonderful to eliminate the scourge of mistakes completely, that just isn't realistic. The goal, instead, should be to minimize exposure to risks while decreasing the high costs that come with onboarding and maintaining your vendor master. And make no mistake, the costs are indeed high. Benchmarking among our customer base indicates it costs $100-200 to onboard and maintain each of your vendors, each and every year you keep them on your vendor master!   ![shutterstock_188080733 (1)](https://blog.paymentworks.com/hs-fs/hubfs/shutterstock_188080733%20(1).jpg?width=644&name=shutterstock_188080733%20(1).jpg) We have five ways your vendor master is costing you money, along with some practical advice on how to keep those costs down. [Read More](https://blog.paymentworks.com/5-ways-your-vendor-master-is-costing-you-money-mistakes-fraud-edition) 0 Comments [Click here to read/write comments](https://blog.paymentworks.com/5-ways-your-vendor-master-is-costing-you-money-mistakes-fraud-edition#comments-listing) Topics: [payments fraud](https://blog.paymentworks.com/tag/payments-fraud), [AP](https://blog.paymentworks.com/tag/ap), [procurement](https://blog.paymentworks.com/tag/procurement), [ACH](https://blog.paymentworks.com/tag/ach), [vendor master](https://blog.paymentworks.com/tag/vendor-master) [All posts](https://blog.paymentworks.com/all) [Next](https://blog.paymentworks.com/tag/ap/page/2) ![PaymentWorks-Logo-Black_600tall](https://blog.paymentworks.com/hs-fs/hubfs/Branding/Logos/PaymentWorks-Logo-Black_600tall.jpg?width=272&name=PaymentWorks-Logo-Black_600tall.jpg) Digital Supplier Onboarding for Secure, Compliant, and Optimized Business Payments. - **Eradicate** Fraud - **Ensure** Compliance - **Eliminate** Paper ### 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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