Tag Archives: fraud prevention


Protect Your Organization from Payment Fraud Risk

Do you know how to build a resilient organization, ready to handle the growing threats of payment fraud? Payment fraud risk is a very real threat to organizations. One slip-up in processing an ACH or wire transfer could cost millions of dollars and result in significant embarrassment for finance teams. If you have money and … Read More

Paymerang is proud to partner with VASS, VASBO, and former Virginia Governor Terry McAuliffe to address cyber security with Virginia School Superintendents and Business Officers 

From its inception, Paymerang has helped our clients fight fraud and protect their organization’s treasury. That’s why we are proud to partner with the Virginia Association of State Superintendents (VASS), the Virginia Association of School Business Officers (VASBO), and former Virginia Governor Terry McAuliffe to help Virginia’s public schools learn how they can protect their … 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

Protect Your Organization from Payment Fraud Risk

Do you know how to build a resilient organization, ready to handle the growing threats of payment fraud?


Payment fraud risk is a very real threat to organizations. One slip-up in processing an ACH or wire transfer could cost millions of dollars and result in significant embarrassment for finance teams. If you have money and secure data, no matter your company size or industry—you are at risk.

What is Payment Fraud?

Payment fraud is any type of false or illegal transaction by a cybercriminal. It’s important for finance professionals to understand what motivates people to commit payment fraud so they can better assess risk and assist in implementing preventative and protective measures.

Despite the significant efforts being made by the financial services industry, risk and fraud mitigation vendors, and the global law enforcement community, merchants are reporting that their fraud losses have risen in the past year.

According to an Experian blog that highlighted its 2019 Global Identity and Fraud report, which surveyed 1,000 businesses in 21 countries, over half of businesses reported that their fraud losses had grown in the past 12 months compared to a year earlier. Additionally, 27% of businesses stated that losses had stayed the same over the same time period.

Additionally, in a recent Kroll survey, 84% of financial professionals surveyed reported at least one incident of payment fraud, which is up from 82% reported in 2016 and 61% reported in 2012. On top of that 86% of respondents reported at least one cyber incident or information data theft, loss, or attack within the last twelve months.

Recent Payment Fraud Incident

Manor Independent School District in Texas recently fell victim to a phishing scam that cost millions. Phishing scams are emails designed to trick users into handing over personal information. The school district is expected to recover at least, and more of the stolen money could be recovered as the investigation into the scam continues.

“Manor ISD has developed additional internal security protocols with a variety of training and testing efforts designed to continually educate staff, which assure that the protocols are being followed,” the ISD said in an updated statement. It added that police are continuing to chase down leads “in order to bring this case to a swift and legal conclusion.”

How can you protect your organization against payment fraud risk?

Paymerang partnered with Kaplan, one of the world’s largest and most diverse education providers, to share more about the risk of payment fraud. During the video, Paymerang CEO, Nasser Chanda, addresses the risk of payment fraud and what organizations can do to shield their organizations from fraud.

Paymerang is proud to partner with VASS, VASBO, and former Virginia Governor Terry McAuliffe to address cyber security with Virginia School Superintendents and Business Officers 

From its inception, Paymerang has helped our clients fight fraud and protect their organization’s treasury.

That’s why we are proud to partner with the Virginia Association of State Superintendents (VASS), the Virginia Association of School Business Officers (VASBO), and former Virginia Governor Terry McAuliffe to help Virginia’s public schools learn how they can protect their data and our taxpayer dollars from cybercrime.

The Governor and Paymerang CEO Nasser Chanda held a spirited session, with over 200 school superintendents and business officers, where they discussed some of the resources available to localities and school divisions. This includes partnering with the Fusion Center to do a cyber risk analysis, which can often be done free of charge and with minimal staff time.

On day two of the conference we held a Q&A session with thirty VASS and VASBO members, who heard from the current Governor’s administration, Paymerang’s own Director of Cybersecurity Jeff Gainer, and the Virginia State Police. The panel provided Superintendents and School Business Officers with the opportunity to learn about the threat cybercrime presents to their IT and financial infrastructure, and to ask questions of the foremost experts dealing with this threat every day.

One key takeaway from our discussion is that fighting cybercrime is not just one person’s job in an organization. It is important that organizations have a culture of information sharing and threat alertness.

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!