Moneytech, one in all Australia’s main non-bank lenders to small and medium-sized enterprises (SMEs) has partnered with Eftsure, a B2B cost fraud prevention platform, to ship a robust new layer of safety for SMEs and brokers.

Eftsure’s verification capabilities will present Moneytech clients and brokers with an added layer of safety, guaranteeing that each cost is made to the proper vendor. It accomplishes this through the use of multi-factor verification to cross-check banking particulars towards a database of verified distributors, in addition to utilizing specialist anti-fraud methods to confirm anomalous particulars or payees earlier than funds are launched.

Moneytech brokers and clients now may have a brand new stage of certainty that their funds are safe and compliant with the deployment of Eftsure’s intuitive verification system.

It additionally delivers a real-time view of ABN and GST registrations offering Moneytech purchasers with confidence that funds are safe with an progressive layer of cost safety from cyberthreats like social engineering or cost redirection scams.

Moneytech Chief Threat Officer Grant Howells (pictured) stated the partnership with Eftsure was about giving enterprise homeowners and brokers peace of thoughts that their funds are safe and compliant.

“The partnership displays Moneytech’s ongoing dedication to innovation, guaranteeing Australian SMEs have entry to the instruments they should thrive in a digital-first economic system,” Howells stated. “It’s one other means we’re serving to Australian SMEs shield their money movement and concentrate on progress.”

“SMEs are the spine of the Australian economic system, however they’re additionally one of many greatest targets for more and more subtle cyber scams,” Howells stated.

“By partnering with Eftsure, we’re giving our clients greater than cashflow – we’re giving them confidence. This integration strengthens our end-to-end providing and helps companies function with better safety and management,” he added.

Eftsure, which protects almost $24 billion in enterprise funds every month, brings deep experience in fraud prevention and compliance automation to the partnership. Verified funds are backed by a $1 million indemnity towards losses brought on by social engineering fraud, providing clients one other layer of economic safety.

The Eftsure platform is now one of many world’s largest B2B cost fraud prevention platforms following its acquisition of France-based Sis ID and now supplies cost safety all over the world in Europe, US, India and China in addition to throughout Australian and New Zealand.

Earlier this yr, Eftsure buyer knowledge confirmed the biggest ever quantity of identified fraud makes an attempt because it was based in 2014. Extra broadly, The Australian Competitors and Client Fee has reported that cost redirection scams have been up by 67% to $153 million in 2024.

Eftsure CTO David Higgins stated Australian SMEs have been more and more being focused by scammers. “It’s encouraging to see Moneytech is main the cost in on-line safety for brokers and SMEs by investing in options that strengthen anti-fraud defences with out compromising digital efficiencies.

“Cybercriminals know that SMEs don’t at all times have the headcount or assets to pre-empt subtle fraud makes an attempt, particularly these enabled by know-how like generative AI instruments. That makes SMEs an enormous goal.

“We applaud Moneytech for main the cost and defending funds, this doesn’t simply minimise their very own fraud dangers, it helps preserve SMEs and brokers’ cash safer, too,” Higgins concluded.