Wednesday, 16 August 2017 00:12

EFTsure, PwC team up to tackle payment fraud

By

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.

DIGITAL MARKETING HAS NO SOCIAL DISTANCING OR TRAVEL RESTRICTIONS

As part of our Lead Machine Methodology we will help you get more leads, more customers and more business. Let us help you develop your digital marketing campaign

Digital Marketing is ideal in these tough times and it can replace face to face marketing with person to person marketing via the phone conference calls and webinars

Significant opportunity pipelines can be developed and continually topped up with the help of Digital Marketing so that deals can be made and deals can be closed

- Newsletter adverts in dynamic GIF slideshow formats

- News site adverts from small to large sizes also as dynamic GIF slideshow formats

- Guest Editorial - get your message out there and put your CEO in the spotlight

- Promotional News and Content - displayed on the homepage and all pages

- Leverage our proven event promotion methodology - The Lead Machine gets you leads

Contact Andrew our digital campaign designer on 0412 390 000 or via email andrew.matler@itwire.com

CONTACT US!

LAYER 1 ENCRIPTION A KEY TO CYBER-SECURITY SOLUTION

Security requirements such as confidentiality, integrity and authentication have become mandatory in most industries.

Data encryption methods previously used only by military and intelligence services have become common practice in all data transfer networks across all platforms, in all industries where information is sensitive and vital (financial and government institutions, critical infrastructure, data centres, and service providers).

Get the full details on Layer-1 encryption solutions straight from PacketLight’s optical networks experts.

This white paper titled, “When 1% of the Light Equals 100% of the Information” is a must read for anyone within the fiber optics, cybersecurity or related industry sectors.

To access click Download here.

DOWNLOAD!

Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year 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).

VENDOR NEWS & EVENTS

REVIEWS

Recent Comments