Payment Security 101
Learn about payment fraud and how to prevent it
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Cybercrime and payment fraud are exploding in New Zealand
Sources: Reserve bank of New Zealand, CERTNZ, Statista, NCSC
The 4 key catalysts explaining the increase in payment fraud
Digital supply chain
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.
ID theft is becoming easier
Over 20% of New Zealanders have been exposed to identity theft with 5% being impacted in the past year alone. We think that new technologies such as deep fakes and AI continue to make it harder to make sure you’re speaking with the person you think you are.
Email remains vulnerable
Businesses continue to rely on email, BEC and Phishing are the most common and dangerous ways to infiltrate communication in your supply chain.
Banks don’t namecheck
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 payment details on invoices. Most banks don’t namecheck account holders or provide inadequate solutions for business-to-business payments.
Prevention is no longer about your systems and staff
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.
Prevent the threat by joining cybersecurity and financial controls into a cybercrime strategy
As Cybercrime is financially motivated, CFOs are the logical person to take responsibility of the cybercrime strategy.
The new security standard for business payments
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.