“Observing the surge in financial fraud during the pandemic was a huge wake-up call. As banks don’t automatically match account names with account numbers, we realised there was an opportunity to further help our customers automate their supplier invoice process by adding fraud protection with Eftsure,” Magnus Perri, CEO at SignUp Software Australia, developers of ExFlow.
According to the ACCC’s latest Targeting Scams report, payment redirection scams were the most financially damaging scams for Australian businesses in 2020. These scams typically involve a request for payment for a service or product that wasn’t ordered, or a scammer diverting money by impersonating the intended recipient of a payment. Australian businesses lost $18 million to scams in 2020, a 260 per cent increase compared to losses reported in 2019.
This strategic partnership enables organisations to verify bank Payee Names with BSB and Account Numbers prior to the release of funds. Users will also be able to see the status of vendor verification within ExFlow in real time.
“We are very excited about this new collaboration agreement with ExFlow and the efficiencies and protection that our joint solution will deliver to finance teams. The complimentary nature of the two products is highly effective and provides an end-to-end continuous controls monitoring solution by way of visual alerts from the vendor creation stage at inception through to invoice processing and then finally at point of payment,” Ian Mirels, Founder of Eftsure.
For more information, contact
Magnus Perri, CEO at SignUp Australia: email@example.com
Ian Mirels, Founder of eftsure: firstname.lastname@example.org