Eftsure is officially the 41st fastest-growing Australian company according to the AFR’s Fast 100 List for 2023.
Payment Security 101
Learn about payment fraud and how to prevent it
Australian companies are still losing millions to scams each year, making collaborative solutions more critical than ever. That’s why Eftsure is working together with NAB to curb payment fraud and keep businesses safe.
After speaking to many of our mutual customers and partners, there was a clear need to make Eftsure’s services even more accessible to NAB customers. Eftsure’s customers can seamlessly access fraud warning signals through the Nab Connect online portal, receiving real-time fraud alerts for each transaction line item before releasing funds.
Seamless solutions are only one part of the equation. NAB and Eftsure are also collaborating to make sure corporate Australia understands cyber risks and how to mitigate them. In our joint fight against payment fraud, Eftsure and NAB have been working to educate finance teams and business leaders on the scam tactics of an ever-shifting cybercrime landscape.
Events like the joint NAB and Eftsure Cybercrime Talk, which took place in early December, are crucial to these efforts. The first of many, it was an opportunity for specialists and customers to talk through practical steps for safeguarding business payments.
Most large enterprises already deploy safeguards and strategies to mitigate their fraud risks. But the complexity of these organisations – and the persistently manual nature of many of their processes – can create vulnerabilities that will only get more severe as cybercriminals continue to refine tactics and leverage technology like generative AI.
Justine McFarlane, Eftsure’s Head of Partnerships, says digital fraud tactics are evolving too quickly for any single organisation to solve the problem by itself.
“We’re working with the banks to keep large and complex organisations secure from payment fraud. Scammers are always looking for new and inventive ways to defraud Australians, so we need a team effort to level the playing field.”
McFarlane notes that Eftsure is also working with other major banks including HSBC, Westpac and ANZ on a variety of approaches.
“Just as no single company can solve this issue on its own, no single approach will be enough to completely stop payment fraud. We’re working on multiple ways to stop payment fraud, which also means working with customers, banks and other participants in the procure-to-pay lifecycle.
“Customers have a role to play in recognising scam tactics. That’s why we’re doubling down on education and events that can raise awareness about the warning signs.”
Customer awareness is vital, but joining like-minded networks and communities is also important. For instance, as Eftsure’s database with verified suppliers grows, so does the strength of its payment protection solution – when fraudulent payment details are detected, they’re blacklisted for the entire customer base, bringing to life the philosophy of “strength in numbers.”
And those numbers are growing. Eftsure’s customers include 2,000 of Australia’s leading brands – including the AFL, Sony and Suttons, to name a few – along with universities, schools and not-for-profits.
Collaborative efforts can’t come quickly enough. According to the latest annual threat report from the Australian Signals Directorate (ASD), the average cost of cybercrime per report has risen by 14% since last year. That report also found business email compromise (BEC) attacks remained one of the most common scams – and they’re increasingly common. From 2022 to 2023, the self-reported BEC losses to ReportCyber totalled nearly $80 million.
Payment fraud is increasingly common and costly. The Australian Competition & Consumer Commission (ACCC) estimates a total of $224m lost in the …
Eftsure provides continuous control monitoring to protect your eft payments. Our multi-factor verification approach protects your organisation from financial loss due to cybercrime, fraud and error.