Payment Security 101
Learn about payment fraud and how to prevent it
Lancini Property Group (Lancini) is a multi-award-winning property development and management organisation. Over its four decade existence, the Queensland-based group has diversified from its initial focus on residential construction, into retail shopping centres, commercial offices, homemaker centres and industrial properties.
Lancini is driven by its mission to create places and opportunities for communities to thrive and grow. It has broad expertise to identify, develop, construct and manage high-quality precincts, and has cultivated extensive relationships throughout the construction sector.
With Eftsure in place, we are able to stay protected when we are approving all our outgoing payments to suppliers. It gives those of us approving the payments confidence that everything is always above board. With Eftsure, we know that there’s no chance of any fraudulent activity slipping through, either from within the company or from outside it. So that alone makes Eftsure really good to have!
In recent years, Lancini has expanded significantly, constructing developments across Queensland. This expansion has seen Lancini working with hundreds of contractors and sub-contractors on a wide range of projects.
With this growth has come the need for the Accounts Payable function to also scale up. The AP team is responsible for maintaining a Vendor Master File comprising nearly 500 suppliers – a figure that is steadily rising as Lancini embarks on new developments, seeing a steady stream of new contractors and sub-contractors being onboarded each month.
Not only has the AP team seen a significant increase in workload, it has simultaneously had to strengthen its internal controls in response to the ever-rising risk of malicious activity. Cyber criminals regularly target the property and construction sectors by manipulating the banking data in supplier invoices.
Whilst Lancini’s robust internal controls have always ensured it blocks any attempted malicious activity, the leadership team also understood that as the business grows, the risks are likely to escalate. Lancini needed a tool that would ensure it remains protected from the threat of invoice manipulation as it undergoes rapid expansion.
In order to meet this challenge, Lancini turned to Eftsure.
Eftsure’s unique database, comprising over 80% of actively trading Australian corporations, enables Lancini to verify outgoing payments to its suppliers in real-time. This helps Lancini achieve assurance that it is always processing payments to legitimate contractors and sub-contractors, secure in the knowledge that banking details in invoices have not been manipulated by cyber-criminals.
Given Eftsure’s role securing many leading Australian property development firms, it makes sense for an organisation such as Lancini to also collaborate with Eftsure. It ensures Lancini benefits from the collective supplier knowledge of the broader Australian property development sector.
With Eftsure sitting on top of its accounting processes, Lancini was able to derive immediate benefits:
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.