PaymentWorks Customers Now Qualify for Up to $5 Million in Total Fraud Coverage
Waltham, MA – March 17, 2026 — PaymentWorks, the digital supplier onboarding platform that protects organizations from vendor impersonation fraud, today announced the launch of Supplemental Social Engineering Fraud Insurance, available exclusively to PaymentWorks customers through Lockton Companies.
This coverage offers customers up to $3 million in excess protection on top of PaymentWorks’ standard $2 million indemnification, providing up to $5 million in total coverage per fraud event.
“Our customers are already best-in-class when it comes to protecting against vendor impersonation fraud,” said Hayley Hynes, VP of Strategic Partnerships at PaymentWorks. “By combining our platform’s proven fraud prevention and indemnification with supplemental insurance available through Lockton, their protection just got even stronger.”
A Growing Need for Comprehensive Fraud Protection
According to the 2025 Association of Financial Professionals Payments Fraud and Control Survey Report, 79% of organizations experienced actual or attempted payments fraud in 2024, and 63% were targeted by business email compromise (BEC) attacks. Vendor impersonation fraud—one of the fastest-growing types of BEC—jumped to 45%, up sharply from 34% the year prior.
Unfortunately, 20% of organizations were unable to recover any funds lost to fraud in the previous year. These losses underscore the pressing need for solutions that integrate proactive prevention with effective financial recovery mechanisms.
“We’re thrilled to partner with PaymentWorks on this bespoke supplemental coverage,” said Matt B. Klein, National Product Fidelity Leader at Lockton Companies. “Our client insureds have long seen the gaps in traditional policies, where many social engineering losses simply aren’t covered. This partnership closes that gap, and along with PaymentWorks, we are now setting a new benchmark for protection from losses from these frauds.”
Comprehensive Coverage Tailored for Today’s Fraud Landscape
By using the PaymentWorks platform, customers transfer the risk of vendor impersonation fraud and are automatically indemnified for losses up to $2 million. Those seeking additional protection can now purchase the Supplemental Social Engineering Fraud Insurance, which includes:
- $1–3 million in excess coverage on top of the PaymentWorks indemnification; and
- Up to $250,000 of primary coverage for social engineering fraud occurring outside of the PaymentWorks platform
About PaymentWorks
PaymentWorks is the leading digital supplier onboarding platform, automating and securing vendor setup and management for large organizations across government, higher education, and enterprise sectors. The platform prevents vendor impersonation and payment fraud while ensuring compliance and data accuracy throughout the supplier lifecycle. Learn more at www.paymentworks.com.
About Lockton Companies
Lockton is the world’s largest privately held, independent insurance brokerage, delivering risk management, insurance, and employee benefits solutions that help clients protect their people, property, and reputations. Learn more at global.lockton.com/us/en.
Contact Data
For media inquiries, please contact:
Ashley Poynter
Content Strategist
PaymentWorks, Inc.
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