66% surge in payment scams targeting CFOs, ACCC warns
Payment redirection scams surged 66.6% in 2024. What CFOs and finance teams need to know now to stop losses before they happen — insights from ACCC data.
The Australian Government’s 2025–26 Federal Budget is packed with signals for finance leaders—particularly those managing risk, compliance, and payment controls in a fast-evolving digital environment. From record cybersecurity investments to new expectations around digital identity and invoice validation, the budget points to a regulatory landscape that’s getting sharper and more interconnected.
Here’s a breakdown of the most relevant measures, why they matter for finance and AP teams, and how they intersect with smarter, more secure processes.
The Australian Government’s 2025–26 Federal Budget is packed with signals for finance leaders—particularly those managing risk, compliance, and payment controls in a fast-evolving digital environment. From record cybersecurity investments to new expectations around digital identity and invoice validation, the budget points to a regulatory landscape that’s getting sharper and more interconnected.
Here’s a breakdown of the most relevant measures, why they matter for finance and AP teams, and how they intersect with smarter, more secure processes.
What’s new:
Over $586 million has been allocated to uplift national cyber resilience. This includes significant funding for the Australian Cyber Security Centre (ACSC), enhanced incident response capability, and a national threat intelligence sharing platform between government and business (Budget Paper No. 2, p. 77).
Why it matters:
Cyber risk is now systemic. This scale of investment shows the government sees cybercrime as a national economic threat—not just an IT issue. For CFOs and finance teams, it reinforces the need for secure payment controls and defensible processes.
Where Eftsure fits:
Eftsure helps teams reduce exposure to business email compromise (BEC) by verifying payment details before funds leave the business. These controls are increasingly aligned with national cyber strategies.
What’s new:
The budget allocates $14.5 million to develop a legislated cyber incident reporting framework, likely landing in 2026. It will set new expectations for how and when businesses must disclose cyber incidents (Budget Paper No. 2, p. 78).
Why it matters:
This signals future compliance pressure—not just for CISOs, but for finance leaders who manage internal controls, payment risk, and vendor relationships. If a fraud or breach happens, regulators will want to know what safeguards were in place.
Where Eftsure fits:
Eftsure gives finance teams the visibility and traceability to detect payment anomalies early and demonstrate strong preventive controls if reporting obligations emerge.
What’s new:
The government is investing $180.5 million to accelerate the rollout of Digital ID, aiming to reduce identity fraud and simplify online verification. It’s also continuing to back e-invoicing infrastructure, especially for public procurement (Budget Paper No. 2, p. 134).
Why it matters:
These measures will shape how organizations verify vendors and process invoices. As digital identity standards become embedded in procurement, AP teams will need to align with new workflows.
Where Eftsure fits:
Eftsure supports this shift by automatically verifying ABNs, GST registration, and banking details against independent data sources—building trust into every transaction.
What’s new:
A new $120 million allocation will strengthen Australia’s cyber response capabilities and address emerging threats (Budget Paper No. 2, p. 78). This investment supports national cyber incident coordination, public-private collaboration, and critical infrastructure resilience.
Why it matters:
While the budget doesn’t detail specific attack types, this initiative reflects growing concern over sophisticated cyber threats facing Australian businesses—including those targeting finance systems and supply chains.
Where Eftsure fits:
Eftsure detects red flags like lookalike domains, sudden changes in supplier bank details, and inconsistent payment information—reducing exposure to impersonation scams and payment fraud.
What’s new:
The $20,000 instant asset write-off is extended through 2025–26 for small businesses. Meanwhile, the ATO receives further funding to crack down on phoenix activity, false invoicing, and GST fraud using real-time data analytics (Budget Paper No. 2, pp. 15–16, 59).
Why it matters:
Increased ATO scrutiny means finance teams must ensure their data is accurate, timely, and audit-ready. Even small discrepancies could now trigger unwanted attention.
Where Eftsure fits:
By verifying payment data in real time, Eftsure reduces manual errors and helps maintain a clean audit trail—protecting businesses from both fraud and compliance risk.
The 2025–26 Federal Budget sends a clear message: cybersecurity, compliance, and digital trust are now core to financial operations. For finance leaders, this isn’t just a policy shift—it’s a cue to rethink how your teams manage risk, verify vendors, and protect payments in an environment of rising scrutiny.
If you’re looking to benchmark your approach or take the next step in cyber maturity, explore our Cybersecurity Guide for CFOs 2025 for practical strategies tailored to finance teams.
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Each month, the team at Eftsure monitors the headlines for the latest accounts payable (AP) and security news. We bring you all …
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