Our Head of Payments Taylor Nemeth contributed this article to University Business
With its public expenditure disclosures and decentralized procurement, higher education is especially vulnerable
While it may be a surprise to the average person that business payments fraud is the largest source of cybercrime in the U.S, it’s at the forefront of every professional working in accounts payable today—those responsible for authenticating and authorizing that critical payments are in fact going to the right vendor, day in and day out.
This is especially true for those working in higher education. With its public expenditure disclosures and decentralized procurement, higher education is especially vulnerable.
Not to mention, most colleges and universities conduct business with thousands of payees—individuals and enterprises, foreign and domestic—making payee identity management enormously challenging.
Sadly, many universities know this threat firsthand. University of San Diego lost $749,000 a year later. They are not alone.