| What's in This Issue: | OmniFund Helps Residential Services Take Payments On the Go | PatientFocus Partnership | Common Tactics of Social Engineers | | |
OmniFund Helps Residential Services Take Payments On the Go
If you provide on-site services such as pest control or lawn care, accepting payments in the field can be a challenge. Paper invoices can get lost, stained, damaged, or forgotten. Taking down account information, calling the payment in, or waiting to complete the transaction when you get back to the office, can be difficult, insecure, and time-consuming.
Many businesses that travel to their customers have discovered a need to accept payments on the go. If you’re looking to streamline your on-site payments process, the answer could be a mobile payment processor.
| |
PatientFocus Partnership
OmniFund announced its newest partnership with PatientFocus, headquartered in Nashville, Tennessee.
“OmniFund’s partnership with Patient Focus brings our industry expertise to new levels, allowing our mutual healthcare clients to focus more on patients and less on some of the more tedious business tasks. Together we will simplify the payment process for both patients and providers, and supply an increased level of security, reliability, and support” said Stacy Roderick, OmniFund CEO.
OmniFund’s robust and customizable platform integrates seamlessly with the PatientFocus patient billing solution, providing a modern, consumer-like experience for patients who want to pay their medical bills online.
“OmniFund provides an exceptional payment platform that gives our clients and their patients the security, speed, and convenience required in today’s environment,” said David Frederiksen, CEO of PatientFocus. “Partnering with OmniFund allows PatientFocus to deliver world-class service to our patients and process their payments with absolute confidence.”
This partnership is a natural fit and an extension of both companies’ mission statements and will provide patients with a safe and secure, patient-friendly billing process that is more reflective of the consumer experience they are accustomed to.
| |
|
Common Tactics of Social Engineers
As workers have shifted away from direct interaction into work from home scenarios, the InfoSec industry has witnessed a steady rise in what we call Business Email Compromise (BEC). The most common tactic we see is when a hacker gains access to the account credentials of someone in authority, a manager or demanding customer for example, and says they need money wired to an account before close of business or something terrible will happen.
Example 1: Scoular Corporation, an Omaha-based commodities trading firm. The company reported an incident involving a spearphishing, wire fraud scam. Initially, company employees received a fake email claiming to be from the CEO. It was in reference to the acquisition of a business based in China, asking to urgently wire parts of the declared amount. The email stated, “We need the company to be funded properly and to show sufficient strength to the Chinese. Keith, I will not forget your professionalism in this deal, and I will show you my appreciation very shortly.” Since it was apparent the email was supposedly coming from the CEO and that the request was time-sensitive, the employee did not doubt the orders and transferred the money over. The FBI eventually tracked the money down to the Shanghai Pudong Bank, but the account was closed and the money was transferred somewhere else. It was also discovered that the phony email was actually created in Germany, and the actual email domain (which had the extension of kpmg-office.com) was hosted on a server located in Russia.
Example 2: Mattel Toy Corp. This particular fraud was the result of a very sophisticated phishing email directed to an unnamed finance executive who was able to approve large cash transfers. The email was apparently written by the new CEO Christopher Sinclair. The cyber attackers conducted thorough research beforehand on the senior Mattel company staff members. As a result, this enabled them to understand the corporate hierarchy and payment patterns. Because of the sophisticated nature of the cyber attackers, they were able to convince the finance executive to execute a series of urgent transfers totaling over $3 million to the Bank of Wenzhou, China. Mattel contacted the FBI as well as the bank in China. As a result, the funds were subsequently returned. Because of the thorough investigation conducted, Mattel was able to track down a dozen more BEC scams that were launched at the company after this attack.
By creating a sense of urgency, the employees believe they are helping out the authority figure and doing what's right for the company. But in nearly every case, a review of the interaction revealed that it was a highly unusual request for an unusual amount to be sent through an unusual payment method, often asking to shortcut the normal approval processes. Victims always cited the sense of urgency from an authority figure as the primary reason for handling the situation outside of the normal procedures and channels.
Preventing this type of social engineering attack is easy. If you suddenly find yourself in a similar situation, simply slow down and use common sense. Verify their identity. Call them on the phone or have them call you. And never break written policy and procedure for transfers or disbursements.
| |
Why Choose OmniFund?
Our Payments as a Platform® gives customers the advantage of accepting multiple types of payments and simplifies the process, creating a seamless experience. At the same time, we help protect your company from fraud and have the tools and support needed for PCI compliance, tokenization, and P2P encryption. At OmniFund, we are dedicated to your success, providing you with:
- Personalized Support
- Customizable Solutions
- Problem Solving Experts
| |
OmniFund Payment Solutions
| |
Are you sure you’re getting the best rates possible on credit card fees?
OmniFund knows each business is unique, therefore so is our pricing model. We offer a free third-party analysis of your current rates, so you can see how much you’re really paying and how we can help you save.
| |
About OmniFund
Since 1997, the professionals at OmniFund have been providing payment solutions to businesses across the nation ranging in size from large Fortune 500 companies to small mom & pop shops. Headquartered in Tampa, Florida, our Payments as a Platform® keeps your business secure while increasing profits.
We pride ourselves in providing a platform that simplifies the payment process, making it easier to stay compliant with ever-changing regulations. We back our platform with expert service and personalized support. Our goal is to provide you with a comprehensive, easy-to-use, and fully integrated payment solution that allows your business to grow and thrive.
| |
|
|
|
