Insurance and Care NSW (icare) today announced a partnership with Eftsure – Australia’s leading business-to-business payment protection solution – to strengthen icare’s payment security.
This initiative is part of icare’s commitment to protecting its valued providers and those we serve against invoice manipulation and other malicious invoicing and payments-related activities.
"Invoice manipulation by malicious agents and scammers is a real threat to businesses small and large. In 2021, payment redirection scams cost Australians $227 million," said Dr Nick Allsop, Group Executive of icare Lifetime Schemes.
"We take seriously our responsibility to identify errors, fraud and scam attempts before releasing funds."
Eftsure will provide the tools that enable icare to minimise the risk of payment fraud, onboard new vendors, and manage the accuracy of existing vendors' banking and compliance data.
Eftsure’s fraud verification analysts check new and updated details of vendors who provide services to Lifetime Care, Workers Care, Dust Diseases Care and CTP Care. Meanwhile, its proprietary database cross-matches vendor information to ensure ongoing accuracy and automatically flag suspicious changes before funds are released.
“We’re pleased that icare has joined the Eftsure community, which protects more than $120 billion in payments each year,” said Mark Chazan, Eftsure’s Chief Executive Officer.
"The recent report from the Australian Competition and Consumer Commission revealed an uptick in payment redirection scams and tactics like phishing, so it’s important for organisations to protect themselves and their suppliers."
With fraud attempts relating to invoices becoming more frequent, icare is committed to ensuring safe and legitimate payments to providers of health care and support services for people living with a long-term or severe injury.
“By partnering with Eftsure we have increased our capacity to maintain a high standard of quality assurance over invoice and payment security.”
"Leaders like icare are setting an important example when they take steps to minimise their fraud risks and combat ever-evolving payment fraud tactics," said Mr Chazan."It helps fortify the security posture of entire supply chains."
Vendors whose business details have stayed the same do not need to do anything. All requests to add or update vendor business details are verified before processing.
“Our new verification approach makes complex provider verification processes simpler and provides ongoing assurance against maliciously-changed bank account details,” explained Dr Allsop.
For any provider whose business details have changed recently, complete our Vendor business details form.