The Hidden Risk in Your Vendor Master

E&I Host: Joe Castelluccio, Director, Business Development
Guests: Naomi Emmons, Deputy Chief Procurement Officer at the University of Kentucky; Rick Gay, Director of Procurement Services at Spring Branch Independent School District; and Taylor Nemeth, Head of Payments at PaymentWorks

With 74% of organizations reporting they were the target of an actual or attempted payments fraud in 2020, the problem is well known -- but not well understood.

In this episode, Joe (in his debut episode!) and our guests discuss the common ways these frauds are successful using real-world examples from higher education and K-12 institutions. You'll learn why the risk inherent to the vendor master is not solved by traditional cybersecurity, common ways in which fraudsters try to trick AP/procurement into changing bank account information, and the processes in place at Spring Branch ISD and UK that thwarted fraudulent attempts.

Helpful Resources:

• E&I's competitively solicited PaymentWorks contract

Cooperatively Speaking is hosted by E&I Cooperative Services, the only member-owned, non-profit procurement cooperative exclusively focused on serving the needs of education. Visit our website at www.eandi.org/podcast.

Contact Us
Have questions, comments, or ideas for a future episode? We'd love to hear from you! Contact Cooperatively Speaking at podcast@eandi.org.

This podcast is for informational purposes only. The views expressed in this podcast may not be those of the host(s) or E&I Cooperative Services.