Opinions & Community

Preventing Financial Fraud In Accounts Payable

Are Your Internal Controls Strong Enough? In today’s age of online commerce and digital financial networks, companies are struggling to prevent financial fraud. In Australia alone, cybercrime costs businesses over $1 billion every year, and this figure is on the rise....

Cybercrime questions from the finance team

Below are the questions that were asked during the webinar: “Accounts payable teams are under siege by cybercrime syndicates” co-hosted with PwC on the 29th of October 2020. Our Chief Risk Officer Mark Chazan provided detailed answers. About the webinar...

5 Ways for Finance & AP Teams to Stay Ahead of Cyber Scams

According to the experts, the big question is not if, but when, your company will be hit by a cyber-attack.The number of attacks keep rising. Indeed, the Telstra Cyber Security Report 2017 found that 59% of the Australian organisations were detecting a business...

What is Business Email Compromise? and How to Avoid it

With the best software, firewalls and spam filters installed, you may believe you are protected from cybercriminals. Think again! Even tech giants like Facebook and Google have been recently scammed by a fast growing threat known as business email compromise...

Can a victim be punished for the crime?

For some time,  Business Email Compromise scams have threatened a company’s bottom line, luring and duping finance professionals into making erroneous payments to fraudsters.  For those not aware of Business Email Compromise, this rapidly growing cyber scam involves...

Crime Stoppers NSW and eftsure: Partnering to fight the fastest growing segment of cybercrime

It is well reported that cybercrime is growing faster than any other crime in the world and has a global value of $600 billion.  One in two businesses say they have been the victim of economic crime or fraud in the past, according to a PriceWaterHouseCoopers (PwC)...

Do you leave your door open because you’re insured?

Just because you have home and contents insurance, it doesn’t mean you would leave your front door unlocked. If it’s the same for your business, what about cybercrime?   While your cyber insurance may provide some remedy (usually capped and for a single event...

Online invoice scammers are targeting Australian companies

Business Email Compromise (BEC) — where hackers steal the login details of people in supplier/vendor organisations to issue fake invoices or change bank detail requests — is becoming a major issue for local companies. The scam was used by a Lithuanian hacker to trick...

The Internet is drowning in COVID-19-related malware and phishing scams

Emails and websites promise info about the pandemic. In reality, they’re shams. Emails and websites are promising vital information about keeping safe from the coronavirus pandemic that’s sweeping the globe and threatening millions. In fact, a flood of them are...

CFO’s need to see Cyber fraud not as an IT issue

As technology rapidly evolves and accessibility is its central theme, somewhere along the way, we have nurtured deception. The world has become a pervasive place with a paradigm of accelerating change continually altering the rules of engagement. From fake Facebook...