--- title: PaymentWorks Blog | payments fraud (2) description: payments fraud | (2) --- [![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 ## [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) ## [The Benefit of Investing in a Clean Vendor Master: A Calculation](https://blog.paymentworks.com/how-to-calculate-the-benefit-of-investing-in-a-clean-vendor-master) Posted by [Angela Sarno](https://blog.paymentworks.com/author/angela-sarno) on Sep 29, 2021, 10:02:00 AM - [Tweet](https://twitter.com/share) [![calculate risk exposure AP spend times .059%](https://blog.paymentworks.com/hubfs/Screen%20Shot%202021-09-28%20at%203.22.55%20PM.png)](https://blog.paymentworks.com/how-to-calculate-the-benefit-of-investing-in-a-clean-vendor-master) 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](https://blog.paymentworks.com/5-ways-your-vendor-master-is-costing-you-money-mistakes-fraud-edition) and [compliance issues,](https://blog.paymentworks.com/five-ways-your-vendor-master-is-costing-you-money-compliance-edition) 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. [Read More](https://blog.paymentworks.com/how-to-calculate-the-benefit-of-investing-in-a-clean-vendor-master) 0 Comments [Click here to read/write comments](https://blog.paymentworks.com/how-to-calculate-the-benefit-of-investing-in-a-clean-vendor-master#comments-listing) Topics: [compliance](https://blog.paymentworks.com/tag/compliance), [payments fraud](https://blog.paymentworks.com/tag/payments-fraud), [vendor master](https://blog.paymentworks.com/tag/vendor-master) ## [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) ## [Email is the Start of the Problem](https://blog.paymentworks.com/email-is-the-start-of-the-problem) Posted by [Angela Sarno](https://blog.paymentworks.com/author/angela-sarno) on Sep 14, 2021, 11:00:00 AM - [Tweet](https://twitter.com/share) [![Art for Episode 8 of Risky Business podcast](https://blog.paymentworks.com/hubfs/PaymentWorks%20Presents-Episode8-Christopher%20Arehart-LinkedIn.jpg)](https://blog.paymentworks.com/email-is-the-start-of-the-problem) 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](https://podcasts.apple.com/us/podcast/paymentworks-presents-risky-business/id1580993090?i=1000535249731) with Chris.   [Read More](https://blog.paymentworks.com/email-is-the-start-of-the-problem) 0 Comments [Click here to read/write comments](https://blog.paymentworks.com/email-is-the-start-of-the-problem#comments-listing) Topics: [payments fraud](https://blog.paymentworks.com/tag/payments-fraud), [insurance](https://blog.paymentworks.com/tag/insurance), [podcast](https://blog.paymentworks.com/tag/podcast), [vendor master](https://blog.paymentworks.com/tag/vendor-master) ## [PaymentWorks featured in Threat.Technology](https://blog.paymentworks.com/paymentworks-featured-in-threat.technology) Posted by [PaymentWorks Staff](https://blog.paymentworks.com/author/paymentworks-staff) on Sep 7, 2021, 10:33:00 AM - [Tweet](https://twitter.com/share) [![Alan Greenblatt, CTO of PaymentWorks](https://blog.paymentworks.com/hubfs/Alan%20G.jpg)](https://blog.paymentworks.com/paymentworks-featured-in-threat.technology) 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. [Read More](https://blog.paymentworks.com/paymentworks-featured-in-threat.technology) 0 Comments [Click here to read/write comments](https://blog.paymentworks.com/paymentworks-featured-in-threat.technology#comments-listing) Topics: [payments fraud](https://blog.paymentworks.com/tag/payments-fraud), [risk](https://blog.paymentworks.com/tag/risk) ## [The Payments Fraud Problem No One Will Talk About (Until Now)](https://blog.paymentworks.com/the-payments-fraud-problem-no-one-will-talk-about-until-now) Posted by [Angela Sarno](https://blog.paymentworks.com/author/angela-sarno) on Aug 19, 2021, 10:01:00 AM - [Tweet](https://twitter.com/share) [![Nacha Smarter Faster Payments Logo](https://blog.paymentworks.com/hubfs/SFP-Remote-Connect.jpg)](https://blog.paymentworks.com/the-payments-fraud-problem-no-one-will-talk-about-until-now) 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: - 74% of companies reported they were the target of an actual or attempted payments fraud scam in 2020- [AFP Payments Fraud and Controls Survey, 2021](https://www.afponline.org/publications-data-tools/reports/survey-research-economic-data/Details/payments-fraud/) - **Email compromise scams accounted for $2B in losses in 2020** - [FBI Internet Crime Report, 2021](https://www.ic3.gov/Media/PDF/AnnualReport/2020_IC3Report.pdf) - 62% of financial losses due to social engineering frauds were the result of either an absence of controls, human error, or a process not being followed- [Willis Towers Watson database statistic, 2020](https://www.willistowerswatson.com/en-GB/Insights/2020/03/social-engineering-insights-2020) 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. [Read More](https://blog.paymentworks.com/the-payments-fraud-problem-no-one-will-talk-about-until-now) 0 Comments [Click here to read/write comments](https://blog.paymentworks.com/the-payments-fraud-problem-no-one-will-talk-about-until-now#comments-listing) Topics: [payments fraud](https://blog.paymentworks.com/tag/payments-fraud), [ACH](https://blog.paymentworks.com/tag/ach), [vendor master](https://blog.paymentworks.com/tag/vendor-master), [risk](https://blog.paymentworks.com/tag/risk) ## [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) ## [Guarding Against Social Engineering Fraud](https://blog.paymentworks.com/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) [![Phishing image](https://blog.paymentworks.com/hubfs/Screen%20Shot%202021-06-30%20at%2012.37.04%20PM.png)](https://blog.paymentworks.com/guarding-against-social-engineering-fraud) Cyber criminals stole more than $28 billion through email fraud from 2016-2020, according to the FBI.  Let that sink in. [Read More](https://blog.paymentworks.com/guarding-against-social-engineering-fraud) 0 Comments [Click here to read/write comments](https://blog.paymentworks.com/guarding-against-social-engineering-fraud#comments-listing) 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) ## [Fight Payments Fraud by Locking Down Your Vendor Master](https://blog.paymentworks.com/fight-payments-fraud-by-locking-down-your-vendor-master) Posted by [PaymentWorks Staff](https://blog.paymentworks.com/author/paymentworks-staff) on Jun 7, 2021, 12:49:19 PM - [Tweet](https://twitter.com/share) [![Taylor Nemeth headshot](https://blog.paymentworks.com/hubfs/taylor%20nemeth.jpeg)](https://blog.paymentworks.com/fight-payments-fraud-by-locking-down-your-vendor-master) We were thrilled to contribute to Informa’s [Fraud Intelligence](http://www.counter-fraud.com/) 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.](https://blog.paymentworks.com/hubfs/Lead%20Gen%20Deliverables/Fight%20payments%20fraud%20by%20locking%20down%20your%20vendor%20master%20-%20Fraud%20Intelligence.pdf) [![Fraud Intelligence logo](https://blog.paymentworks.com/hs-fs/hubfs/fin-main-logo.png?width=232&name=fin-main-logo.png)](https://www.counter-fraud.com/) [Read More](https://blog.paymentworks.com/fight-payments-fraud-by-locking-down-your-vendor-master) 0 Comments [Click here to read/write comments](https://blog.paymentworks.com/fight-payments-fraud-by-locking-down-your-vendor-master#comments-listing) Topics: [payments fraud](https://blog.paymentworks.com/tag/payments-fraud), [ACH](https://blog.paymentworks.com/tag/ach), [vendor master](https://blog.paymentworks.com/tag/vendor-master), [risk](https://blog.paymentworks.com/tag/risk) ## [Bolstering the Team](https://blog.paymentworks.com/bolstering-the-team) Posted by [PaymentWorks Staff](https://blog.paymentworks.com/author/paymentworks-staff) on May 12, 2021, 1:30:57 PM - [Tweet](https://twitter.com/share) [![Auletta and Hynes headshots](https://blog.paymentworks.com/hubfs/5.11.21%20Welcome%20to%20the%20Team%20graphic-1-1.jpg)](https://blog.paymentworks.com/bolstering-the-team)   [Read More](https://blog.paymentworks.com/bolstering-the-team) 0 Comments [Click here to read/write comments](https://blog.paymentworks.com/bolstering-the-team#comments-listing) Topics: [compliance](https://blog.paymentworks.com/tag/compliance), [payments fraud](https://blog.paymentworks.com/tag/payments-fraud), [procurement](https://blog.paymentworks.com/tag/procurement), [vendor master](https://blog.paymentworks.com/tag/vendor-master), [risk](https://blog.paymentworks.com/tag/risk) [Previous](https://blog.paymentworks.com/tag/payments-fraud/page/1) [All posts](https://blog.paymentworks.com/all) [Next](https://blog.paymentworks.com/tag/payments-fraud/page/3) ![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) - 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[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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