Sydney based secure payments data platform EFTsure has raised $2m in Series A funding led by Our Innovation fund. Founded in 2014 by Ian Mirels, Mike Kontorovich, and Mark Chazan, EFTsure has created a platform that looks to combat payment fraud.
The ‘Know Your Payee’ platform, built on a crowdsourced, independently verified database of payee information, allows businesses to check the validity of payment data, ensuring the name of the payee matches the BSB and account number provided before making a payment. Mirels said the risk of payment fraud in Australia is high, with many finance officers unaware that Australian banks don’t match payee names with account numbers when payments are processed. “Payments fraud is a growing area of cyber crime in Australia, with fast payment methods significantly increasing the risk of fraudulent activity. It’s critical to ensure a focus on both fast and secure payments as the new NPP platform is introduced,” he said.