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- 1. Presentation
- 2. Cybercrime is a huge problem:
- 4. Cybercrime is a global pandemic.
- 5. Payment & Compliance Controls for the Digital Age5 Business e-mail compromise has increased the risk of fraud exponentially.
- 6. Identity? How do we know who is on the other side of the computer?
- 7. - PwC’s Global Economic Crime and Fraud Survey “The biggest competitor you didn’t know you had”
- 8. PWC Fraud Report July 2018
- 9. Section heading 9 The world has changed. Financial Controls have not kept up.
- 11. Financial Controls for the Digital Age. Simplify the onboarding of new suppliers Maintain the integrity of your Vendor Master File Mitigate risk in the payment process From internal and external threats Ensure you meet “Best practice” compliance obligations
- 12. The Banks don’t match Payee Names to Numbers.
- 13. The bank won’t help:
- 14. Systems can’t save you:
- 15. Payment & Compliance Controls for the Digital Age Auditors, Analytic Tools and Forensics are only effective after the fact. 15
- 16. Banking Screen with payments file loaded onto it. Ideally, the file is scrolling showing an endless list of payments. Upon Click a different bank logo comes up c c c
- 17. Checking your ABA file prior to upload is this easy:
- 18. ATO Blitz to clean up ‘black cash’ economy Payment & Compliance Controls for the Digital Age18 As the Government tackles the black economy, compliance is critical.
- 19. Payment & Compliance Controls for the Digital Age19 In the NT, 40% of Tradies were using Bunnings’ ABN!
- 20. Payment & Compliance Controls for the Digital Age20 The ATO is expanding Taxable Payments Reporting:
- 21. A solution across the payment lifecycle.
- 22. Risk Report Section Item Average % CRITICAL 1 Incorrect bank account number 1% HIGH 2 Similar bank account name but different account number 3% CAUTION 3 Duplicate supplier records 9% CAUTION 4 Mismatch with supplier’s official bank account name 3% CAUTION 5 Mismatch with supplier’s bank account name in other customers’ VMFs 1% CAUTION 6 Invalid ABN Number 6% CAUTION 7 ABN Number mismatch with ASIC registered Company Name 1% HIGH 8 Incorrect GST Status 1% Total 25% 25% Anomaly Rate in your Vendor Master File
- 24. Our portal shows the status of your VMF:
- 25. Your VMF is Dynamic. Suppliers change and new suppliers are added.
- 26. Payment & Compliance Controls for the Digital Age Our supplier onboarding portal ensures your VMF stays up to date.
- 27. Payment & Compliance Controls for the Digital Age You customise the onboarding form (once!).
- 28. Payment & Compliance Controls for the Digital Age28 The supplier receives it in their inbox.
- 29. 29 And can verify one of three ways. (1) ‘The Crowd’…. Payment & Compliance Controls for the Digital Age29
- 30. Payment & Compliance Controls for the Digital Age …or (2) through BankLink.
- 31. Payment & Compliance Controls for the Digital Age31 (3) A phone call. Screenshot to come from Kim
- 33. How do you currently manage these risks? Name = Account number Out of range payments Duplicate payments ABN registration status GST registration status Employee authentication
- 34. Duty of care and diligence We do the Hard work for you. We’ve got your back Protecting the business’ finances and reputation A powerful tool giving you independent insights Supporting Multiple Stakeholders:
- 36. Payment & Compliance Controls for the Digital Age Who else does this? 36
- 37. Section heading 37 Construction Education Local Government IT & Telecoms Insurance Water, Waste and Energy Consumer Packaged Goods Infrastructure & Transport Attracting: Blue chip customers in every sector and all sizes. Resources and Mining Healthcare Convenience Retail Lifestyle Retail 37
- 38. Section heading 38 And securing: Powerful partnerships and endorsements: Big Four Accounting ERP Insurance IT consulting Community Forensic Consulting Procurement Mid-Tier Accounting 38
- 39. Section heading 39 A system: Vetted and tested by security experts: Full Architecture & Security Review Full Security and Process Audit Security Due Diligence Penetration Testing Security Cloud Review Security Due Diligence 39
- 40. How long to set up? 2 hours.
Editor's Notes
- A The estimated cost in Australia alone is $1B. PA 29% of Australian organisations have lost over $1m to fraud. There are many stats on this slide but the one I wish to highlight is that 90% of Cyber Attacks begin with or involve an email. Notwithstanding all the large numbers on the screen, the most important number to your clients businesses is actually a very small number
- It only takes 1 of their employees to be duped once to cause significant costs to their business.
- Now their is, in real time, on your banking screen - regardless of which bank you are with - EFT Sure creates red, green or amber/orange thumbs to either tell you a payment is okay, or that there is a caution or in the case of red, a major discrepancy. A lot is going on behind those thumbs:
- When onboarding a new supplier, every organisation conducts robust checks and requires copies of certificates of currency and other documents before making the first payment? When do they next check all of these details? Possibly never? If their insurance or certification expires your client may become liable if you still use their services. Along with the fully automated eftsure onboarding process which verifies bank details, ABN and GST, the onboarding can also include attaching certificates of currency, licences, blue-cards, standards certificates and also, alerting your clients when any of these certificates expire and require renewal. Eftsure checks the currency of these certificates prior to every payment, every time. This applies in construction, health, Not for profit, food, education, property, childcare. When you onboard suppliers, we can also provide a credit score so you are alerted eg that the supplier has a liquidation notice against them.