Payment Fraud Concerns Push Eftsure to AFR’s Fast 100, 2nd Fastest Growing Fintech

• Eftsure has risen to the 36^th fastest-growing business on the AFR’s Fast 100 List
• Meteoric growth points to an unfortunate reality: Cybercrime is still a substantial risk.
• More CFOs and Finance teams look to Eftsure to bolster their tech stack  
• Finance leaders in A/NZ and all over the world need to remain vigilant with rising cybercrime.

Leading payment protection solution Eftsure has been announced as Australia’s 36th fastest growing company in the Australian Financial Review’s Fast 100 List for 2024.  The business ranked 41st on the same list last year.

The growth aligns with the Australian Consumer and Competition Commission’s most recent Scamwatch report. While overall reported losses declined in 2023, businesses reported scam losses totaling $29.5 million – a 27.2% increase compared to 2022. That same report revealed a spike in false billing scams in 2023, up 37% from 2022.

“Government and industry actors have been working hard to fight cyber scammers – and succeeding – but businesses remain vulnerable in a way that is prompting them to take action of their own,” says Mark Chazan, Eftsure’s Chief Executive Officer in Australia and New Zealand.

“Since the beginning, Eftsure’s mission has been to help businesses make payments securely and confidently despite rising cyber risks. A rapidly growing customer base means we’re succeeding in providing this security to more and more organisations.”

Eftsure protects nearly $24 billion in business payments each month, helping organisations protect their finances from cybercrime, scams and human error.  After years of growth in Australia and New Zealand, the business expanded to the United States earlier this year.

“We’re excited to continue bringing Eftsure’s mission to the US,” says Jon Soldan, Eftsure’s global Chief Executive Officer. “Since launching nine months ago, we’ve already signed numerous customers and set up our US office in Dallas with team on the ground.

“The faster we grow, the more we can help organisations level the playing field against cybercriminals and fraudsters.”

The Fast 100 List showcases the growth of Australian standalone companies that started trading before July 1, 2018. To be considered, companies must have recorded at least $5 million of revenue in 2023-24. They also need to provide three full years of revenue data and are ranked according to the compound annual growth rate achieved over that period.

The list is ranked by the CAGR of revenue over the previous three financial years, the majority of which must have been generated organically and be from more than one customer. Entrants must provide third-party verification of revenue from an external accountant or auditor.

“Australia is one of scammers’ biggest targets,” says Chazan. “It’s encouraging to see that organisations are taking threats seriously and investing in proactive solutions.”

However, Chazan and Soldan both warn that the growth mirrors a less rosy reality: fraud risks are becoming more sophisticated, especially as emerging technology helps cybercriminals scale and improve their tactics.

“We’re proud of Eftsure’s rapid growth, but it’s necessitated by fraud risks that are evolving just as rapidly,” says Soldan. “Finance leaders in Australia and all over the world will need to remain vigilant.”

Looking to learn more? – Join CFO Magazine A/NZ’s next CFO Lunchtime Live WebCast is partnering with Eftsure to provide CFOs and Finance leaders some invaluable insights to protect themselves and their organisations.

In this live webinar, Damian Seaton, MD and founder of Cyber Audit Team, joins payment protection platform  Eftsure to discuss practical, cost-efficient steps to fortify your defences against cybercrime and  scams. And it’s not just about keeping your business safe – Damian will explain steps to secure YOU and YOUR family’s devices, along with why our personal and professional cyber defences are  intertwined.

Registration is complimentary > www.CFOLunchtimeLive.com.au