Payment Security 101
Learn about payment fraud and how to prevent it
Comparing with the other systems we have implemented, Eftsure is definitely one of the easy ones.
The University of Wollongong (UOW) traces its origins to 1951 and was founded on the donations of local people with a vision of a brighter future for their region. Since then, they’ve become one of the world’s top-ranked universities, working with industry, research partners, governments, and communities to address society’s critical economic, environmental, social and medical challenges.
Before implementing Eftsure, Li says UOW still relied on manual supplier onboarding processes. Those included manual forms sent via email and endless back-and-forth calls with suppliers – activities that weren’t just tedious but also lacked end-to-end visibility. After managing to thwart a few fraudsters, the team at UOW decided they needed a safer, more efficient way to protect their organisation. It was time to digitise some of their controls and add an extra layer of security to their process.
With a supplier base of more than 6,000, change requests and new supplier onboardings are a daily occurrence at UOW. This means constant exposure to risk and a never-ending time sink for the Finance team.
The team decided to implement Eftsure to reduce the burden of being the final line of defence against fraudsters, along with increasing onboarding visibility and freeing up their time to work on more impactful tasks.
“I find the details in terms of the interaction between Eftsure and our suppliers very helpful. If campus users ask why an invoice hasn’t been paid, our AP team can go to Eftsure, check the interaction progress and know exactly where the supplier is at. All information in the Eftsure portal is updated in real-time”.
Li goes on to tell us that the software has already provided more benefits than she expected, including detailed reporting, an emergency verification hotline and comprehensive payment summaries. Eftsure’s easy-to-use knowledge base has been another key highlight for Li, making the software super easy to navigate and implement.
After only three months of using Eftsure, Li and the rest of the team at UOW had already found huge time savings – not to mention a new peace of mind when onboarding and paying suppliers.
Since signing up with Eftsure, UOW 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.