Moneytech has teamed up with payment verification platform Eftsure to help small and medium-sized enterprises (SMEs) and brokers protect against digital payment fraud.
The partnership introduces additional layers of verification for Moneytech customers, aiming to reduce risks associated with scams such as payment redirection and social engineering.
How The Platform Works
Eftsure’s platform uses multi-factor verification to cross-check vendor banking details against a database of verified suppliers. It also applies anti-fraud detection techniques to flag unusual details or suspicious payees before funds are released.
Customers and brokers gain access to real-time information on ABN and GST registrations, giving them greater confidence in the legitimacy of transactions. The system is designed to help businesses safeguard cash flow while ensuring compliance.
Moneytech Chief Risk Officer, Grant Howells, said the move was about protecting customers from growing threats.
“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.”
Rising Cyber Threats
Howells said SMEs were increasingly in the sights of cybercriminals.
“SMEs are the backbone of the Australian economy, but they’re also one of the biggest targets for increasingly sophisticated cyber scams,” he said.
“By partnering with Eftsure, we’re giving our customers more than cash flow – we’re giving them confidence. This integration strengthens our end-to-end offering and helps businesses operate with greater security and control.”
Eftsure protects close to $24 billion in business payments each month and backs verified transactions with a $1 million indemnity against losses caused by social engineering fraud.
The platform expanded its global reach through the acquisition of French payments firm Sis ID and now provides protection across Europe, the US, India, China, Australia and New Zealand.
Fraud Trends On The Rise
Eftsure reported earlier this year that it had recorded its highest volume of fraud attempts since its founding in 2014. The Australian Competition and Consumer Commission (ACCC) also found that payment redirection scams increased 67 per cent in 2024, with reported losses reaching $153 million.
Eftsure CTO, David Higgins, said the trend reflected the pressure SMEs face in a fast-changing digital environment.
“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 defences 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.”
He added that the partnership would have benefits beyond Moneytech’s own client base.
“We applaud Moneytech for protecting payments. This doesn’t just minimise their own fraud risks, it helps keep SMEs and brokers’ money safer, too,” Higgins said.
More details are available at Moneytech.
