Payment Security 101
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[Eftsure’s solution] has probably saved us about four or five times in the last 12 months.
Established in the early 1940s, Suttons Motors is a family-owned motor group with 38 dealerships across New South Wales and more than 1,200 employees. Its people-focused culture has helped it succeed and grow for generations. It’s the type of growth that drives greater complexity and more transactions – but also a higher risk of error.
Because it sees a large number of cash transactions and stakeholder communications, Suttons has always taken a robust anti-fraud stance. This includes preventive policies and financial controllers embedded throughout the group, along with internal audit teams who provide visibility without leaders needing to be involved in every day-to-day task. But, according to Suttons’ Group Financial Controller, Vartkes Moskofian, their costliest risks weren’t the work of fraudsters. Instead, they were the result of genuine human error.
Previously, Suttons’ BSB account confirmation policy required Accounts Payable (AP) officers to get copies of deposit slips or bank statements and validate the information through a phone call or email. They’d then enter validated information into the system. While they had plenty of internal controls in place, Moskofian says the processes gave him little visibility into completed payments. The manual nature of verification also meant there was a higher chance of human error.
Moskofian was already considering a more automated approach when a close call prompted him to take action. While entering data in their data management system (DMS), an employee accidentally switched two digits in an account number. The incorrect number turned out to be legitimate and $63,000 was transferred to the wrong account.
In a stroke of luck, Suttons was able to eventually recover the $63,000. But the process took four months and arduous paperwork, not to mention massive amounts of stress.
Unfortunately, no matter how meticulous a team member might be, processes that rely on human perfection are bound to have hiccups. Moskofian knew the team needed the kind of automation and assurance that could help them work quicker and more confidently. And, as a leader, he was looking for greater visibility into processes and outgoing payments.
It made the decision to implement Eftsure much easier. The business cleansed its data upfront and worked with Eftsure to quickly integrate a solution into existing accounting processes. Now, the team can rely on Eftsure’s unique database and algorithm to automatically validate payment information before releasing funds.
Since implementing Eftsure, Suttons have:
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.