What Procurement Can Learn From AP

Posted by Angela Sarno on Oct 21, 2021 10:06:00 AM

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.

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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.

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Topics: payments fraud, AP, procurement, supply chain

The Benefit of Investing in a Clean Vendor Master: A Calculation

Posted by Angela Sarno on Sep 29, 2021 10:02:00 AM

All day long we hear from customers and prospects alike that their vendor master data is ‘a mess’, ‘out of date’ and ‘full of duplicates’.  We have published in the past about the hidden ways your vendor master is costing your organization with both fraud risk and compliance issues, but we understand that many organizations find it to be a challenge to quantify those risks in dollar terms when working towards making an investment in automation and clean up. 

We get it, it can be overwhelming to nail down the myriad ways a messy vendor is costing your organization.  We’ve spoken with countless customers and prospects and gathered for you these three factors you can, and should, consider when creating your cost/benefit analysis.

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Topics: compliance, payments fraud, vendor master

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

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

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

Fight Payments Fraud by Locking Down Your Vendor Master

Posted by PaymentWorks Staff on Jun 7, 2021 12:49:19 PM

We were thrilled to contribute to Informa’s Fraud Intelligence publication with an article to explore how locking down your vendor master can significantly help eliminate the risk of an increasingly costly threat – business payments fraud.

Increasingly savvy fraudsters have noticed and exploited all that is involved with vendor onboarding and maintenance fueling a significant increase in fraud attempts over this past year.

Read the article here.

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Topics: payments fraud, ACH, vendor master, risk

Bolstering the Team

Posted by PaymentWorks Staff on May 12, 2021 1:30:57 PM

 

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Topics: compliance, payments fraud, procurement, 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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