Tag Archives: secure ePayments


Securing Your Business Payments

As part of our ongoing commitment to helping clients become more secure and efficient, Paymerang is introducing a learning series highlighting best practices in the world of AP and finance.   For our first installment we are sharing a few tools and exercises leveraged internally at Paymerang to mitigate risk.     According to the 2020 … Read More

Reduce Fraud Risk With Paymerang

Reduce Fraud Risk With Paymerang Fraud is a very real threat to finance departments in today’s modern world.  Do you know you can protect your business from the threat of fraud? Kroll, the leading global provider of risk and investigative services, released the 10th Annual Edition Global Fraud and Risk Report.  According to this report the incidence … Read More

Securing Your Business Payments

As part of our ongoing commitment to helping clients become more secure and efficient, Paymerang is introducing a learning series highlighting best practices in the world of AP and finance. 
 
For our first installment we are sharing a few tools and exercises leveraged internally at Paymerang to mitigate risk.  
 

According to the 2020 AFP Payments Fraud & Control Survey, 81% of organizations were targets of payment fraud in 2019. This is the second highest percentage of reported fraud attacks/attempts since 2009, with the most often reported source of payments fraud attacks being Business Email Compromise (BEC).

As a result of the Covid-19 pandemic, professionals are communicating via email more than ever and work from home is a common business practice. Unfortunately, the increased digital volume has correlated with an increase in documented fraudulent activity.

Please review the following recommendations from our internal security training programs:

1. Labeling of Externally Generated Emails: A critical tool to combat email phishing is to provide alert banners to your employees identifying all emails that are generated externally from your company. There have been a number of reports highlighting nefarious actors manipulating sender’s email address (i.e. @microsoftt.com) to masquerade as a valid email sender.

2. Alertness for Malicious Links: Links in external emails are often times used to disguise malicious programs that could compromise your network. Before clicking on any links, we recommend your employees verify the sender’s email address along with the URL in the link. Once verified, we recommend copying the link and pasting it into the browser rather than clicking on it the link provided in the email. 

3. Awareness of Vendor Impersonations: A popular fraud technique is to masquerade as a vendor and seek to redirect money to a fraudster’s account. One of the many advantages of using Paymerang is that we validate the vendors we pay on your behalf – this highly reduces the risk of being exposed to this fraudulent technique. Please note that since you fund AP batches into a central account at Paymerang, you will not receive any changes to this funding account. If you get a request for a change, please immediately contact your Client Account Manager or contact our Support Team at support@paymerang.com.
 
We hope that you find these tips useful. Stay tuned for future security awareness steps you can take to keep your business payments secure.

Reduce Fraud Risk With Paymerang

Reduce Fraud Risk With Paymerang

Fraud is a very real threat to finance departments in today’s modern world.  Do you know you can protect your business from the threat of fraud?

Kroll, the leading global provider of risk and investigative services, released the 10th Annual Edition Global Fraud and Risk Report.  According to this report the incidence of fraud continued to climb. Overall, 84% of surveyed executives report their company fell victim to at least one instance of fraud in the past 12 months—whether check fraud or phishing scams. This represents a continuous rise since 2012.

This year’s Report addresses the diverse range of fraud-, cyber-, and security-related challenges that organizations are facing.

Executives offer an insider’s perspective on the nature of incidents their organizations have experienced, along with insights into the perpetrators and methods employed. They share specific steps taken to anticipate, detect, mitigate, and respond to an expanding and increasingly complex set of risks. These risks bring with them material consequences including potentially adverse financial and reputational impacts.

The good news? Fraud is preventable!

From our inception, Paymerang has been working with companies around the US to protect against payment fraud. We securely enroll suppliers, encrypt data, use virtual prepaid cards, employ Positive Pay for checks, store information in a secure environment, and require secondary authentication for administrators using the website. We value our clients’ security and are always working to keep our clients protected.

Here are some additional security and compliance measures we have in place to protect our clients:

1. Your funds are held in an account managed by a publicly traded member FDIC bank. Funds are disbursed the same day you fund your batch. Virtual Account and ACH payments are funded immediately for processing. Checks are mailed out with Positive Pay to safeguard against check fraud. We manage reconcilement and follow up on outstanding payments. We promptly refund canceled or unclaimed transactions back to you.

2. All of your data is stored securely on our servers that are hosted at Amazon Web Services. Supplier bank account information is encrypted and tightly controlled. Our system requires two-factor authentication with a hardware security token to verify your identity.

3. We have numerous controls you can set with our software, including dual approval for all batches. You also control who is allowed to create batches, add suppliers and change addresses for suppliers. We only pay suppliers you have approved.

Want to learn more? Schedule a demo with us today!