Payment Security 101
Learn about payment fraud and how to prevent it
Incorporated in the 90s, the company formed a worldwide network of strategic alliances with specialist forwarders, each capable of supplying the highest standard of services and technologies needed to organise and transport cargo throughout the globe.
A 100% Australian-owned company, with a supplier network of over 400, the organisation prides itself on being an innovative provider of solutions and management in the ever-expanding field of transport logistics.
Eftsure was exactly what we were looking for – something that could actually give us confidence in our suppliers’ BSB, account number and account name.
An unexpected discovery of a 12-year long internal fraud scheme shocked the team. An employee of 20 years had been exploiting the company’s trust, creating false invoices and diverting hundreds of thousands of dollars to a bank account under a different name.
Initially, the team didn’t pick up on the activity because of a crucial gap in the banking system: banks don’t match BSB and account numbers to the account name.
The first hints of trouble emerged from a basic accounting query. A seemingly ordinary question about distinguishing domestic and airline charges triggered evasive responses, setting off a chain of events that ultimately exposed the complex web of fraudulent actions.
The employee’s outward appearance had been carefully crafted to deceive, with claims of another investment business and a lavish lifestyle. These deceptive layers further complicated the task of identifying the fraud.
Once the fraud was identified, the company engaged solicitors. However, the situation had already reached a point of no return, as the staff member had fled the country. Attempts to enlist the banks’ assistance proved unsuccessful.
The deception had been so well executed that it left the team scrambling for solutions and, critically, ways to prevent a repeat occurrence.
The Financial Controller’s proactive approach to preventing future fraud led her to Eftsure, a solution offering real-time supplier verification and an array of features designed to safeguard the company’s financial health.
The Financial Controller says that Eftsure provided the team with new visibility into suppliers’ details and banking information, including bank account changes, branch closures or ABN updates – even for the suppliers they engaged less frequently. While the team was relying on trust previously, they now had unprecedented transparency and scalable processes for verifying payee details.
Confidence has now been restored in the company’s payment processes.
With Eftsure in place, the team have:
End-to-end B2B payment protection software to mitigate the risk of payment error, fraud and cyber-crime.