On Demand Webinar Recordings
The state of payment fraud in the construction industry
Why Australia’s construction industry is the perfect environment for financial frauds to happen – And how to prevent falling victim.
In this sessions we’ll cover:
- Deconstruct how an Australian engineering firm was able to prevent a $1 million fraud attempt.
- The security void between your ERP and ABA process.
- What finance teams can do to protect themselves to prevent payment fraud.
Falsifying payment applications, covering up the purchase of personal items, submitting false ABNs, taking material from the work site for personal use, or using lower-grade material are just some frauds plaguing the construction industry.
On top of that cybercriminals have discovered the vulnerabilities in the industry’s payment behaviours. They literally have taken the entire supply chain under siege and are trying to divert large sums of money to their own phantom companies via Business email compromise and fictitious invoices.
In this free online session, eftsure will present why especially the construction industry is the perfect target for cybercriminals and what businesses can do to protect themselves.
eftsure’s unique cloud-based solution helps reduce business-to-business payments fraud and errors by ensuring that electronic funds transfers go to the right payees. Our supplier database provides real-time matching of payee names to bank account numbers at the point of payment. Additional compliance checks for ABN, GST status and other parameters help to provide a best practice ‘Know Your Payee’ solution.