Wednesday, 16 August 2017 00:12

EFTsure, PwC team up to tackle payment fraud

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Australian secure payments data platform, EFTsure, is collaborating with professional services firm PricewaterhouseCoopers Australia in a move aimed at helping clients to mitigate the risk of fraudulent or erroneous business payments in the electronic payment process.

EFTsure chief executive and co-founder Ian Mirels says under the agreement with PwC, EFTsure’s platform can help validate the accuracy of payee information, protecting a business’s assets and its people through its “innovative, cross-verified proprietary database” combined with external data sources and independent EFTsure verification procedures.

“Joining forces with a market leading, global accounting firm will help us reach more Australian businesses and provide PwC clients with best practice and innovative solutions for the digital age we now live in.”

According to Mirels, banks ignore account names when processing electronic payments and, he says, “they make payment by reference to BSB and account number only. Therefore there is no certainty that the payee name an authorising officer sees on the payment screen or payment report is the actual recipient of the funds”.

“Vendor Master File  management is typically an area that is susceptible to internal control weakness due to the volume and dynamic nature of suppliers. These weaknesses are being exploited. We are seeing on average a 25% anomaly rate in customers' VMFs which require review to ensure they don’t lead to payment fraud or error, if they are not remedied.”

PwC partner Matthew Lunn says, “PwC is focused on digital transformation, operations transformation, and cyber risk management.  

“Signing the collaboration agreement with EFTsure enables us to introduce this innovative technology company to our clients. EFTsure’s products may help them identify errors or potentially fraudulent payments on a more real time basis.”

According to Mirels, EFTsure is being used by organisations of all sizes and industries, including ASX200 companies, local government, schools and small and medium sized businesses. “The solution does not require any integration into a customer’s financial systems which makes the installation process hassle free,” he says.

EFTsure recently announced that it has partnered with Australian venture capital firm, Our Innovation Fund, LP, having raised $2 million Series A funding.

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Peter Dinham

Peter Dinham - retired in 2020. He is a veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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