SuperMate gets anti-fraud update

Patrick Buncsi

14 August 2024

Popular SMSF platform SuperMate has been upgraded with a new anti-fraud feature enabling users to verify the legitimacy of bank accounts used for tax office refunds and super guarantee contributions.

The new anti-fraud feature verifies the bank accounts through an “in-built separation of duties” – an internal control which prevents a single individual from both creating and authorising a payment – within its cloud-based SuperMate platform.

Chief executive of SuperConcepts, developer of the SuperMate platform, Matthew Rowe welcomed the new anti-fraud capability as a “crucial feature for large enterprise clients”, adding that fraud remains a “serious concern for the accounting and financial services industry”.

SuperConcepts boasts that its new bank account verification feature is one of a number of significant enhancements to the platform over the last 12 months, including upgrades to workflow automation, property processing, adviser and client portals, and integration with other industry platforms.

Australians lost more than $2.7 billion to scams last year, according to figures from the Australian Competition and Consumer Commission, including nearly $28.0 million for false billing (where fake payment details are provided to payers) and more than $8.6 million for identity theft scams.

SuperMate is Australia’s third-largest SMSF software solution in market, and supports Small APRA Fund (SAF), portfolio administration and compliance.