Eftsure’s payment protection platform supercharges security against digital payment fraud
Moneytech, one of Australia’s leading non-bank lenders to small and medium-sized enterprises (SMEs) has partnered with Eftsure, a B2B payment fraud prevention platform, to deliver a powerful new layer of security for SMEs and brokers.
Eftsure’s verification capabilities will provide Moneytech customers and brokers with an added layer of security, ensuring that every payment is made to the correct vendor. It accomplishes this by using multi-factor verification to cross-check banking details against a database of verified vendors, as well as using specialist anti-fraud techniques to verify anomalous details or payees before funds are released.
Moneytech brokers and customers now will have a new level of certainty that their payments are secure and compliant with the deployment of Eftsure’s intuitive verification system. It also delivers a real-time view of ABN and GST registrations providing Moneytech clients with confidence that payments are secure with an innovative layer of payment protection from cyberthreats like social engineering or payment redirection scams.
Moneytech Chief Risk Officer Grant Howells said the partnership with Eftsure was about giving business owners and brokers peace of mind that their payments are secure and compliant.“The partnership reflects Moneytech’s ongoing commitment to innovation, ensuring Australian SMEs have access to the tools they need to thrive in a digital-first economy,” Howells said. “It’s another way we’re helping Australian SMEs protect their cash flow and focus on growth.”
“SMEs are the backbone of the Australian economy, but they’re also one of the biggest targets for increasingly sophisticated cyberscams,” Howells said.
“By partnering with Eftsure, we’re giving our customers more than cashflow – we’re giving them confidence. This integration strengthens our end-to-end offering and helps businesses operate with greater security and control.
Eftsure, which protects nearly $24 billion[1] in business payments each month, brings deep expertise in fraud prevention and compliance automation to the partnership. Verified payments are backed by a $1 million indemnity against losses caused by social engineering fraud, offering customers another layer of financial protection.
The Eftsure platform is now one of the world’s largest B2B payment fraud prevention platforms following its acquisition of France-based Sis ID and now provides payment protection around the world in Europe, US, India and China as well as across Australian and New Zealand.
Earlier this year, Eftsure customer data showed the largest ever volume of known fraud attempts since it was founded in 2014[2]. More broadly, The Australian Competition and Consumer Commission has reported that payment redirection scams were up by 67% to $153m in 2024[3].
Eftsure CTO David Higgins said Australian SMEs were increasingly being targeted by scammers. It’s encouraging to see Moneytech is leading the charge in online security for brokers and SMEs by investing in solutions that strengthen anti-fraud defenses without compromising digital efficiencies,” Higgins said.
“Cybercriminals know that SMEs don’t always have the headcount or resources to pre-empt sophisticated fraud attempts, especially those enabled by technology like generative AI tools. That makes SMEs a big target.
“We applaud Moneytech for leading the charge and protecting payments – this doesn’t just minimise their own fraud risks, it helps keep SMEs and brokers’ money safer, too.”
[1] Payment fraud concerns land Eftsure on AFR’s Fast 100 for 2nd year running | Eftsure AU
[2] https://www.eftsure.com/en-au/blog/company-news/eftsure-teams-up-with-sis-id/
[3] https://www.scamwatch.gov.au/research-and-resources/targeting-scams-report
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