Payment Security 101
Learn about payment fraud and how to prevent it
With the push for remote work and the digital transformation of the supply chain. Communication has moved digital. Email, And videoconferences have overtaken face-to-face meetings in the past few years. This movement has given bad actors a lot more opportunities to infiltrate communication internally and externally.
In 2022, Australia reported 20x more data breaches than the global average. Australia is among the most targeted countries in the world when it comes to identity theft. We think that new technologies such as deep fakes and AI continue to make it harder to make sure your speaking with the person you think you are.
Businesses continue to rely on email, BEC and Phishing are the most common and dangerous ways to infiltrate communication in your supply chain.
While it becomes harder for cybersecurity teams to keep the supply chain free from scammers and fraudsters. The most prevalent issue is that payments can be redirected by simply changing BSB and account numbers on invoices. Most banks don’t namecheck account holders or provide inadequate solutions for business-to-business payments.
Most financial fraud happens when trading with suppliers. – You can’t control their security systems and staff processes, but you can control the payments you make to them.
As Cybercrime is financially motivated, CFOs are the logical person to take responsibility of the cybercrime strategy.
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.