Financial Controls for Fraud Prevention

Financial controls for fraud prevention.How to write financial controls that protect your organisation in a digital world.

Download your guide to rock solid financial controls.

Download the guide

Strengthen your financial controls with Eftsure.
THE RISK IS REAL

Download your free guide to find out:

Amid rapid digitisation, effective fraud prevention requires more than financial controls designed for an analogue world

Current Threat Landscape

What's happening in the current threat landscape of cybercrime and fraud (along with the old-fashioned risk of human error)

How to Build Your Controls Step by Step

Step-by-step guidelines for building rock-solid financial controls

Monitoring and evaluation

Tips and tricks to help with oversight and governance

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What's in the guide

The 7-step framework

Strong controls start with a thorough understanding of your risks.

  • Risk and vulnerability: identify where your organisation is exposed

  • Designing control objectives: define what your controls need to achieve

  • Identifying control activities: preventative, detective and corrective

  • Documenting policies and procedures, so everyone knows what to do and why

  • Implementing control activities, with the right balance of manual and automated

  • Monitoring and evaluation: internal audits, data analysis, KPIs

  • Reviewing and improving: ASIC recommends firms increase their use of internal control reviews

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The threat is real

Over 44% of fraud victims couldn't recover any stolen funds. Up to 80% of organisations turn to their bank for help when fraud hits but by then, it's too late.

The Australian Securities and Investments Commission recommends firms increase their use of internal control reviews. Regular assessment, continuous monitoring and alignment with your internal audit cycle are considered best practice.

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Financial Controls Prevention

Ebook Overview

 
Keep the auditors happy

How Eftsure Prevents Invoice Fraud

Eftsure prevents invoice fraud with three layers of protection:

- Real-time verification: vendor bank details checked against our community database; discrepancies flagged immediately.
- Invoice-level checks: every invoice verified at submission.
- Continuous monitoring: vendor data and invoice patterns tracked to catch evolving threats.

Payment Protection

Real-time view of ABN & GST registrations

Clearly see whether the ABN is valid in the supplier management portal and at the point of payment. Plus, a GST registration flag can help to prevent you from paying that extra 10% unnecessarily.
  - Linked to the Australian Business Register (ABR)
  - Real-time ABN and GST status
  - Invalid ABN report

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Prepare payments in a secure environment

 Review every payment before banking. Green thumb confirms a match; red thumb flags a mismatch on name, BSB, account or ABN.
  - Detect fraudulent invoices early when preparing payments.
  - Automate verification of ABA files or single eft payments.
  - Set customised user roles to manage segregation of duties.

Trusted by 2,500+ finance teams at companies like

7-Eleven Cushman & Wakefield Sony Chobani BlueScope Hawkesbury
Solutions

Fraudsters are evolving,
So are we.

As fraud tactics get smarter, your protection needs to stay smarter. Payments verified through the Eftsure platform are protected by the Eftsure Guarantee, providing up to $1 million in coverage per customer for payment losses resulting from social engineering fraud. Peace of mind, built into every verified payment.

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Ready to See Eftsure in Action?

Book a 30-minute demo tailored to your AP workflow. See exactly how Eftsure catches fraud and payment errors before they hit your bottom line.

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