NSW state insurer icare has partnered with business-to-business payment protection solution Eftsure in a move to strengthen its payment security.  

icare says the agreement is part of its commitment to protect providers against malicious invoices and other manipulative payment activities.  

“Invoice manipulation by malicious agents and scammers is a real threat to businesses small and large,” icare Lifetime Schemes Group Executive Dr Nick Allsop said.  

“According to the Australian Competition and Consumer Commission, in 2021, payment redirection scams cost Australians $227 million.”

icare says Eftsure’s services will enable it to help minimise the risk of payment fraud and manage the accuracy of banking data for vendors who provide services to Lifetime Care, Workers Care, Dust Diseases Care and CTP Care.

“We take seriously our responsibility to identify errors, fraud and scam attempts before releasing funds,” Dr Allsop said.  

“By partnering with Eftsure, we have increased our capacity to maintain a high standard of quality assurance over invoice and payment security.”  

It says existing vendors who have not changed their business details will not be affected by the changes and that all requests to add or update business details must be verified before processing.