In the accounting world, accuracy and compliance with financial regulations are of utmost importance. To maintain financial integrity, financial leaders often rely …
Payment Security 101
Learn about payment fraud and how to prevent it
As one of Australia’s leading brands, flybuys prides itself on being a trusted name in the highly-competitive consumer sector.
Over many years, flybuys built a reputation for its unwavering commitment to security. Individual members who collect and redeem points, as well as retail partners, trust flybuys to have strong controls in place that secure critical information assets and protect payments from a range of threat actors.
To ensure it continues to meet its security commitments, flybuys turned to eftsure.
Being responsible for large volumes of B2B payments on a daily basis, flybuys understood the necessity of always remaining one step ahead of fraudulent actors who are constantly adapting their tactics. From invoice redirection scams to Business Email Compromise attacks, flybuys recognised that having systems in place that mitigate such risks could help it avoid significant financial and reputational damage.
eftsure’s unique approach to fraud mitigation proved to be exactly what flybuys needed.
By integrating eftsure into its Accounts Payable systems, flybuys is able to electronically onboard suppliers, perform real-time checks on ABN numbers & GST compliance, detect duplicate payments and verify all outgoing EFT payments in real-time to ensure the funds are being remitted to the intended recipient. This not only provides a far greater degree of visibility and protection, it also allows flybuys to achieve significant efficiencies in its accounting processes.
To ensure a seamless user experience, eftsure integrated with flybuys’ ERP system: Microsoft Dynamics 365 Finance & Operations.
This customised integration allows flybuys to validate all EFT payments within its ERP immediately before issuing them to the bank. All prospective payments being processed through Dynamics 365 are automatically cross-matched against eftsure’s database comprising over 2 million Australian organisations. In the event that incorrect bank account details being used to pay an invoice, the payment will be flagged with a “red-thumb” displayed within the ERP. This allows the flybuys Accounts Payable team to pause the payment pending further investigations.
The beauty of integrating eftsure within Dynamics 365 is that it provides a seamless solution that is both effective and highly efficient, all within a single interface.
For further information on integrating eftsure within your Dynamics 365 environment, contact us today for a no-obligation demonstration.
With payment fraud and cyber-crime on the rise, it’s time for finance leaders to ask whether their processes and controls are sufficient …
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.