Payment fraud concerns land Eftsure on AFR’s Fast 100 for 2nd year running

We’re proud to be recognised on The Australian Financial Review’s Fast 100 List for 2024 for the second consecutive year. As the second fastest growing fintech in Australia and the 36th fastest overall, we’ve climbed five spots compared to our position last year.

Eftsure’s growth aligns with the Australian Consumer and Competition Commission’s most recent Scamwatch report. While overall reported losses declined in 2023, businesses reported scam losses totalling $29.5 million – a 27.2% increase compared to 2022. That same report revealed a spike in false billing scams in 2023, up 37% from 2022.

“Government and industry actors have been working hard to fight cyber scammers – and succeeding – but businesses remain vulnerable in a way that is prompting them to take action of their own,” says Mark Chazan, Eftsure’s Chief Executive Officer in Australia and New Zealand.

“Since the beginning, Eftsure’s mission has been to help businesses make payments securely and confidently despite rising cyber risks. A rapidly growing customer base means we’re succeeding in providing this security to more and more organisations.”

Eftsure protects nearly $24 billion in business payments each month, helping organisations protect their finances from cybercrime, scams and human error. After years of growth in Australia and New Zealand, the business expanded to the United States earlier this year.

“We’re excited to continue bringing Eftsure’s mission to the US,” says Jon Soldan, Eftsure’s global Chief Executive Officer. “Since launching nine months ago, we’ve already signed numerous customers and set up our US office in Dallas with team on the ground.

“The faster we grow, the more we can help organisations level the playing field against cybercriminals and fraudsters.”

The Fast 100 List showcases the growth of Australian standalone companies that started trading before July 1, 2018. To be considered, companies must have recorded at least $5 million of revenue in 2023-24. They also need to provide three full years of revenue data and are ranked according to the compound annual growth rate achieved over that period.

The list is ranked by the CAGR of revenue over the previous three financial years, the majority of which must have been generated organically and be from more than one customer. Entrants must provide third-party verification of revenue from an external accountant or auditor.

“Australia is one of scammers’ biggest targets,” says Chazan. “It’s encouraging to see that organisations are taking threats seriously and investing in proactive solutions.”

However, Chazan and Soldan both warn that the growth mirrors a less rosy reality: fraud risks are becoming more sophisticated, especially as emerging technology helps cybercriminals scale and improve their tactics.

“We’re proud of Eftsure’s rapid growth, but it’s necessitated by fraud risks that are evolving just as rapidly,” says Soldan. “Finance leaders in Australia and all over the world will need to remain vigilant.”