Press Release: Demand for PaymentWorks Unique Business Identity Platform Grows
Company expands customer roster and bolsters leadership team to address mounting risk
Waltham, MA – September 8, 2021 – According to the FBI, cybercriminals stole more than $28 billion through email fraud from 2016-2020, making business payments fraud a significant threat to organizations of all sizes. 74% of companies reported they were a target of an attempted or successful payments fraud last year, according to the Association for Financial Professionals Annual Payments Fraud and Control Survey. PaymentWorks unique business identity platform was purpose-built to automate the complex payee management process and eliminate the risk of business payments fraud. On the heels of a successful 2020, PaymentWorks continues to experience significant momentum and growth in the first half of 2021, helping organizations across industries swiftly address mounting risks from savvy fraudsters. To learn more about our unique business identity platform, visit HERE.
“Business payments fraud is the largest source of cybercrime in the US and at the forefront of all AP professionals – those responsible for authenticating and authorizing those critical payments are going to the right vendor, day in and day out,” said Thayer Stewart, CEO, PaymentWorks. “We remain steadfast in our mission to eliminate the risk of business payments fraud and offer peace of mind to those on the front lines. We are grateful for continued company growth and will continue to invest in our platform and expand our offerings to stay one step ahead of savvy fraudsters.”
PaymentWorks and our company’s Business Identity Platform eliminates the risk of business payments fraud, costing US businesses more than $20 billion annually. By automating a complex, manual, people-intensive, and error-prone payment process, PaymentWorks protects organizations such as Hackensack Meridian Health, Johns Hopkins, and the University of Kentucky from business payments fraud and ensures regulatory compliance. To learn more about how we do it and the partners we work with, visit our website, check out our blog, or listen to our podcast series, “PaymentWorks Presents Risky Business.”