Payment providers have long had to balance the trade-off between meeting mandated security requirements and providing convenience and the latest technology for consumers.
Over the past five to 10 years, this pressure has become more intense, as the demand for a wider variety of fast and convenient payment options. This, however, sometimes comes at the expense of security with criminals taking advantage of the situation.
Australians lost a record $323 million to scams in 2021. Money lost to scams almost doubled in one year, with more than 286,000 Aussies reporting they were scammed last year.
These figures represent a ‘significant’ increase of 84% compared to 2020, when Aussies lost $175.6 million through the year.
Investment scams did the most damage according to the latest figures from the Australian Competition and Consumer Commission’s (ACCC) Scamwatch.
Investment scams accounted for $177 million, followed by dating and romance scams which saw people losing $52 million.
December saw the most money lost ($43.2 million) and August 2021 saw the highest number of scams reported (40,874).
New South Wales residents were collectively duped of $110 million – the highest, followed by Victoria where residents reported $74 million lost.
Crispin Kerr, Australia-New Zealand vice president at cybersecurity company Proofpoint, said the data paints an unfortunate picture of just how effective scammers were at taking advantage of Australians in the past year.
“The 84% increase in losses to scams in 2021 is significant and is just the tip of the iceberg when it comes to understanding the true impact on Australians,” Mr Kerr said.
“Based on the numbers for December, during the holiday season, people can become desensitised to receiving numerous advertising links for shopping deals and the like and may not think twice about opening a dangerous file or clicking a suspicious link.
“The data shows scammers were extremely active in 2021 and we anticipate this will only increase as scammers continue to evolve and update their tactics.”
While investment and romance scams were the most damaging, there were a number of other scams that saw Aussies losing millions.
Investment scams accounted for more than half of all the money lost to scams last year, and increased in prevalence by 32% compared to 2020.
“Investment scams can seem very attractive, and scammers can come across as legitimate in their promise of financial gain through the purchase of shares, funds, cryptocurrency or other high returns,” Mr Kerr said.
“However, the reality is that these get-rich-quick schemes enable scammers to steal personal and financial information to siphon funds for their own gain.”
Social media sites were the main hub for money loss via romance and dating scams, with 40% of scams reported resulting in money lost.
“Scammers also utilised social engineering particularly during lockdowns when people were at their most vulnerable to steal millions from Australians in dating and romance scams,” Mr Kerr said.
Phishing scams – where scammers aim to gain personal information – had the highest number of reports in 2021, making up one quarter of all scams reported. This is an increase of 61% on the year prior.
Scams relating to threats to life or arrest disproportionately affected younger Australians aged 18 to 24 years old, and accounted for the highest losses at $3.3 million.
Employment and job scams also more than doubled in 2021 to $2.6 million, and identity theft scams increased threefold to $10 million.
Older Australians suffered the greatest loss according to the ACCC’s figures, with people over 65 years old losing a total of $81.9 million throughout the year.
This demographic also reported the highest number of scams (46,282), followed by Australians aged 35 to 4 years old with 43,526 scams reported.
Men lost more to scams than women, with men reporting $190 million lost compared to $131 million reported by women.
No age group was exempt from losing money to scams, but the amount lost to scams did increase with age in 2021.
When it comes to card fraud, however, card not present (CNP) transactions continue to dominate, making up 87% of total transactions. In 2019, AusPayNet launched the CNP Fraud Mitigation Framework to address and control this type of fraud.
Usually CNP fraud involves breaches by third parties, through hacking of IT systems of a retailer or other company. Stolen card details can then be stored by criminals and used well after the breach. Card on file transactions – where a customer keeps their card on file with a merchant they use regularly – are also becoming a preferred target of cybercriminals.
Global fraud losses for card issuers, merchants and acquirers of card transactions from merchants and ATMs are large, totalling almost US$28 billion in 2018 – a huge increase from the US$7.6 billion lost back in 2010.
Having said this though, in the past couple of years, the number of cases of payment fraud globally has been declining. This success has come through coordinated action within the payments industry, through measures including:
Globally, the COVID-19 pandemic has seen a spike in scams seeking to exploit fears about the virus, which include targeting government payments and superannuation withdrawals. In Australia, just before the pandemic broke out in early 2020, there was also a spike in scam activity related to bushfire donations.
In response, governments and financial institutions are taking responsibility to educate themselves, consumers and businesses about the types of scams out there to help others avoid being exploited. They’re also doing more to identify and track account takeovers, shutting down “fake named” and “mule” accounts that scammers use to receive payments.
Predictions on fraud and scams are almost impossible to make, as criminals are always changing their methods and targets, partly to circumvent government efforts to address fraudulent activity. However, by having an action plan of “education, awareness and tracking”, governments, banks, consumers and businesses can take control to prevent themselves from being another scam statistic.
As the world of payments continues to make strides forward, Australian consumers are likely to be at the forefront of the next evolution. At Indue, we help businesses adapt and meet the changing expectations of consumers, by delivering innovative, compliant and secure payment systems.
To learn more about the trends shaping the payments landscape and what it means for your business, contact us today
The competitive playing field for banks is evolving quickly, introducing agile new competitors and challenging traditional formulas for success. Customers, not products or business lines, are the centre point of strategies and business models today. The ability to leverage large volumes of data and new technologies to understand customers’ journeys and deliver personalised offers and experiences is now considered critical to driving loyalty, engagement and, ultimately, growth.
Backed by insights from 8000 global customers and 140 bank C-level executives, the World Retail Banking Report 2022 discusses how banks can seamlessly embed themselves in the customers’ digital journeys to enhance loyalty and drive growth by leveraging data and AI/ML technologies.
Have a look at the new World Retail Banking Report 2022
Source: Capgemini 2022
Australia’s New Payments Platform (NPP), now available to more than 75 million account holders, has experienced steady growth since its 2018 launch.
But with NPP now expanding its use cases with the launch of new overlay services, such as the PayTo service, real-time volume is expected to gradually increase, recording a CAGR of 19.9% from 2021-2026.
How can banks and financial institutions throughout Australia prepare for and benefit from this growth?
Have a look at the new 2022 Prime Time for Real-Time global payments report for a comprehensive look at Australia’s real-time landscape.
The ACI Worldwide report shares 53 global real-time markets to show the trends, technologies and initiatives driving real-time success around the world.
The report includes:
Source: ACI Worldwide 2022
In Feb Frollow published their report on Open Banking API performance, comparing the speed and reliability of Data Holder APIs. The report shows that when providing transactional data, 8 out of the 10 fastest Data Holder brands are mutuals.
Though, the fastest Data Holder is not a mutual: Neobank 86:400 was fastest in February, just as they were the previous 5 months.
Mutuals aren’t just leading the way as Data Holders, some of them are establishing themselves as first movers in the use of Open Banking data too.
In February three customer owned banks became ‘Active’ on the CDR Registry as Data Recipients. P&N Bank, bcu and Beyond Bank all activated their connections using the Frollo Open Banking platform, as one of the final steps before launching their Open Banking powered financial wellbeing apps.
Tonina Iannicelli (Senior Manager, Digital, Beyond Bank) knows how critical it is to leverage technology for the benefit of their customers. “Open Banking provides us the opportunity to work for and with our customers by doing the heavy lifting on behalf of our customers, collecting their financial data from various institutions to help manage their finances – all in one place.
This is just the start, and we are excited to see how else we can work with our customers to get them decisions quicker, offer services that they value, and continue to nurture our relationship with them”.
P&N Group General Manager Technology Transformation, Erik Fenna, said unlike the listed banks, customer-owned banks such as the Group’s retail brands P&N Bank and bcu have a laser focus on customers rather than third-party shareholders, meaning the customer is at the heart of everything they do.
“We are focused on making banking easier for our customers by putting more control of their overall financial wellbeing and day to day banking in their hands through Open Banking,” Mr Fenna said.
“By offering customer-centric technology that solves key financial pain points, such as money management and the home loan application process, not only will we make it easy to bank with us, importantly we will also make it easy for our customers to get ahead.”
Simon Docherty (Chief Customer Officer, Frollo) isn’t surprised to see mutuals leading the way. He explains: “Open Banking offers the biggest opportunity for customer centric businesses, as it can unlock better customer experiences, as well as more personalised products and services.
Their focus on delivering value for customers has made Open Banking the perfect tool for mutuals to deliver on their promise, by providing financial wellbeing tools, improved access to credit and better deals on their finances.
We’re excited to help those early adopters in the mutual bank sector use Open Banking to deliver better customer outcomes.”
Source: Frollo March, 2022.
Australians are ditching cash at the fastest rate in history as contactless payments and the boom of buy-now-pay-later methods threaten to radically reduce the use of physical money. The annual Global Payments Report predicts that in Australia, cash will account for only two per cent of value from all point-of-sale transactions by 2025. This doesn’t mean cash will only be used for two per cent of all transactions, but rather that the value of these cash purchases will pale in comparison to those made with other methods such as credit or debit cards.
The report also predicted that within two years, digital wallets (such as apps that allow customers to use their smartphone or smart device to pay) will overtake credit and debit cards to become the leading e-commerce payment method by 2024. Currently debit cards are most used payment method at the registers comprising 41 per cent of all transactions, followed by credit cards (35 per cent), digital wallets (11 per cent), cash (seven per cent) and buy-now-pay-later (four per cent). In Australia buy-now-pay-later services such as Afterpay are predicted to account for 14 per cent of all e-commerce purchases by 2025, up from its current 11 per cent. The steep decline in the use of cash comes as many Australians change their purchasing behaviour during the COVID-19 pandemic to avoid contact where possible. Analysis by the Australian Banking Association found that ATM withdrawals – perhaps the largest indicator of general cash use – decreased by 20 per cent in the year to August 2021. “COVID-19 accelerated trends in our society and changed the way we live our lives. Working from home will forever be more prominent within the workforce, we have steered away from using cash and as a result are seeing an increase in card and technology payments and the existing trend of doing banking online instead of in a branch has only continued,” said ABA chief executive Anna Bligh. “As we have seen more people go away from using branches, it’s no surprise to see banks invest in areas where customers prefer to bank, such as in their online platforms and apps. “Interestingly, one major Australian bank reported digital banking is now the primary channel for its customers aged between 16 and 69, with digital interactions up 10 per cent since 2019. This same bank reported a steady branch usage drop of 32 per cent since January 2019.” ABA data shows that one in ten Australians regularly leave home without taking their wallet, and more than one in three Australians use digital wallets on their smartphones at least weekly. As cash use declines, so too does the use of physical bank branches.
Source: 9news.com.au, Stuart Marsh, Senior Producer, 10/3/22
We are pleased to announce that Auswide Bank has selected Indue as their exclusive full-service payments partner.
An ASX-listed regional bank based in Bundaberg with 17 branches across Queensland, Auswide Bank has operated for more than 55 years with assets under management of more than $4 billion.
Auswide Bank has an Australia-wide lending presence supported through branches, business bankers, accredited mortgage brokers and online, and offers an extensive range of finance and banking products to help their customers realise their financial dreams.
Auswide Bank Managing Director Martin Barrett said the partnership announced today strengthens an already proven relationship, with Indue to provide end-to-end payment services that will support the bank’s digital transformation, provide a state-of-the-art customer experience and business outcomes.
“Auswide Bank has worked with Indue for 6 years and the extension of agreement is another exciting step in our relationship,” Mr Barrett said.
“Both organisations are focused on placing our customers at the centre of everything we do, and we couldn’t be more pleased to be partnering with Indue to help us continue to deliver outstanding service to our communities and customers across Australia.
“Indue will provide a full suite of end-to-end payment solutions, which is a key component of transforming our business with technology and providing digital payment choices for our customers, improving their experience and delivering stronger business outcomes.”
Indue CEO Derek Weatherley said Auswide Bank’s strategy was strongly supported by Indue’s strategy and Indue was very well placed to serve Auswide Bank in their mission to serve their customers.
“At Indue we have a deep commitment to our partners, and our ‘customer first’ approach is directly aligned to Auswide Bank’s focus on their customers and community,” Mr Weatherley said.
“This new partnership will provide Auswide Bank customers with access to a comprehensive suite of end-to-end payment services delivered through Indue’s ongoing digital transformation program.
“Indue reinvests our profits into research and development to ensure our customers are continuously able to deliver relevant payment solutions to their customers. Auswide Bank and its stakeholders will be a major beneficiary of these investments as we continue to develop and deliver these innovative payment solutions.
“Auswide Bank will benefit by tapping into Indue’s evolving suite of digital payments that bring real time, data rich, frictionless payments to customer’s anywhere, anytime, with the peace of mind brought by our market leading real time fraud and AML capabilities.
“The payment services suite provided to Auswide Bank will include Direct Entry, BPAY, NPP, Financial Crimes, Anti-money Laundering, Card Services, High Value Payments and PEXA. Auswide Bank plan to launch NPP and NPP Fraud as a matter of priority.”
Mr Weatherley said the teams were looking forward to working together for a swift transition over coming months.
For more information please contact:
Indue Head of Marketing & Communications – Clare Mitchell
[email protected] – 0429 889 556
Auswide Bank Head of Marketing – Karyn Kelly
[email protected] – 0414 011695
Indue’s CEO Derek Weatherley joined top chefs at OzHarvest fundraiser Community CookOff at Brisbane’s Gerard’s Bistro to cook up a storm to help feed people in need at OzHarvest’s flagship fundraiser, Community CookOff in May 2022. Derek was joined by top chefs in one of Australia’s best restaurants, which was transformed into a food relief hub for one night to create gourmet meals to help feed some of Brisbane’s most vulnerable communities.
OzHarvest Founder and CEO, Ronni Kahn AO says that the need for food relief has hit an alltime high in the last two years with 1 in 6 Australians now considered severely food insecure. “The impact of the bushfires, drought, floods and COVID-19 has seen more people than ever turn to charities for help. We have seen demand for our services increase at a time when our resources are most under pressure.”
“The Community CookOff brings people together to connect over great food at the same time as raising valuable funds to help keep our wheels turning. If you’re looking for a way to re-engage your team with purpose and fun, this is it!” said Ronni.
The fundraising goal is $3 million which will help OzHarvest provide an additional six million meals to those who need it most. You can support Team Indue by donating directly at www.ceocookoff.com.au/fundraisers/derekweatherley. Find out more at communitycookoff.com.au.
Indue are proud sponsors of the 2022 Fraud Prevention & Detection Summit.
Financial crime is constantly evolving. Types of fraud like investment scams, identity theft, money laundering and banking scams are on the rise and costing organizations millions of dollars a year. This event will detail how institutions can respond with agile and flexible prevention frameworks.
Hear from senior fraud specialists on how to create an ethical culture and conduct effective fraud investigations in the age of evolving threats.
ZINC at Federation Square, Cnr Princes Walk & Russell St Exit, Melbourne, VIC
Date: Jun 7 2022 Time: 8:00-4:00
Find out More
As part of the Indue Leadership series – Cultiv8, we’re proud to invite you to: Wrong Footed on the Road to Recovery presented by Visa.
This exclusive virtual event has been designed to provide you with an update on the emerging opportunities in the trillion-dollar payments industry, layering this with an economic analysis of the dynamic Asia-Pac market.
Presented by Visa Principal Asia-Pacific Economist Glenn Maguire
Glenn, provides economic analysis, insights and forecasts of the Asia-Pacific economies and region for Visa executives, country managers and clients. Based in Singapore, Glenn heads the Asia Pacific Business and Economic Insights team with the key goal of deepening client engagement and thought leadership in the payments and the consumer economy in the Asia Pacific region. Glenn keeps close watch on emerging opportunities in the trillion-dollar payments industry. An active participant in the World Economic Forum’s Future of Consumption community, he identifies economic trends shaping the future and the implications of those trends for Visa clients. His unique presentations explain the impact of these trends to company and client executives as well as government leaders around the globe.
Glenn brings economic theory and analysis to life with compelling stories and up-to-the-minute data from the largest payment provider in the industry.
Date: Thursday 28th April, 2022 (AEST)
Location: A Microsoft Teams invite will be provided upon RSVP of your attendance.
RSVP: Please RSVP by April 21, 2022
Email: Contact [email protected] to register your interest in the event. We will provide a Microsoft Teams invite to attend.
As part of the Indue Leadership series – Cultiv8, we’re proud to invite you to an exclusive virtual customer event, presented by Fiserv.
Exposure to cyberthreats is increasing with cloud-hosted assets, data held with third parties and the evolution of ransomware. Join us to explore best practices for financial institutions to secure and manage data.
This 60 minute complimentary session will be hosted by Tiffany Rusin. Tiffany leads Cyber Security efforts for Fiserv across Asia Pacific.
With 18 years of professional experience in security investigations – and having contributed to fraud loss mitigation valued at over $100 million to date, Tiffany Rusin is passionate about helping organizations understand how to safeguard against potential cyber threats
Date: Thursday 7th October 2021 at 11am- 12pm AEST
Location: A Microsoft Teams invite will be provided upon RSVP of your attendance.
Email: Contact [email protected] to register your interest in the event. We will provide a Microsoft Teams invite to attend.
Join Indue’s Head of Project Managment, Kim Mclaren at the Microsoft, Sensei, Beyond Bank and Indue roundtable. Kim will be sharing how she’s been able to unlock new opportunities through innovative business models, deliver differentiated customer experiences across channels, products and services, and redefine new ways of working internally and externally.
The heightened focus on team cost out, productivity and efficiency in a low interest rate environment.
Managing operational risk and regulatory reform without losing sight of customer outcomes and experience.
Driving cultural transformation and change adoption, underpinned by technology.
With recent announcements on the ban on school programs in Victoria and ACT, it’s an interesting time to understand the opportunities for other banks behind this segment more.
This will be the 3rd time RFi has run a youth banking study in the last 8 years, and given the shifts we have seen on rates, digital experiences, technology, media, parental influences, financial literacy and credit appetites now is the time to dive back into this big future value segment.
RFi’s youth banking study covers key areas such as:
• Acquiring new and young customers earlier on in their life stage,
• Channels opportunities,
• Products opportunities
• Driving advocacy in the youth market
• Best practice in youth banking from Global RFi studies
• Payment behaviours- drivers of choice, spend behaviours
This is an exclusive event for clients of Indue. Please contact [email protected] to register your interest in the event. We will provide a Microsoft Teams invite to attend.
Date: Wednesday 14th July. 1-2pm
Email: Contact [email protected] to register your interest in the event. We will provide a Microsoft Teams invite to attend.
Details of the webinar and registration will be available soon.
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Join us for our complimentary Mobile Payments webinar exploring the opportunities and drivers in mobile payments, hosted by Indue’s Senior Product Manager, Helen Flaherty.
In this 45 minute session, Helen will help you understand:
– The value of offering a mobile payments solution;
– The changing social and economic drivers are behind mobile uptake; and
– How you can deliver a mobile payments solution through partnering with Indue.
[/vc_column_text][vc_empty_space height=”15px”][vc_btn title=”Registrations are now closed.” style=”custom” custom_background=”#0098db” custom_text=”#ffffff” shape=”square” align=”left” link=”|title:Register%20Now|target:%20_blank|” el_class=”induebutton”][/vc_column_inner][/vc_row_inner][vc_column_text][/vc_column_text][/vc_column][/vc_row][vc_row][vc_column width=”1/1″][vc_empty_space height=”50px”][/vc_column][/vc_row]
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Indue’s integrated, on-behalf-of service makes it easy to implement mobile payments in your business, without major changes to your core banking platform or operations. So you can offer your customers a contemporary customer experience that keeps you relevant in a competitive market – with less time and cost than an in-house solution.
Join us for our complimentary Mobile Payments webinar, hosted by Senior Product Manager, Helen Flaherty.
In this 45 minute session, Helen will help you understand the value of offering a mobile payments solution, what the changing social and economic drivers are behind mobile uptake, and how you can deliver a mobile payments solution through partnering with Indue.
Tuesday, July 16
Time 10.30am AEST[/vc_column_text][vc_empty_space height=”15px”][vc_btn title=”This event has now passed.” style=”custom” custom_background=”#0098db” custom_text=”#ffffff” shape=”square” align=”left” link=”||target:%20_blank|” el_class=”induebutton”][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row][vc_column width=”1/1″][vc_empty_space height=”50px”][/vc_column][/vc_row]
[/vc_column_text][vc_row_inner][vc_column_inner el_class=”ind-textBox” width=”1/2″][minti_image img=”19724″][/vc_column_inner][vc_column_inner width=”1/2″][vc_column_text el_class=”ind-textBox”]Our benefits of mobile payments webinar has now closed. Please check out our scheduled webinars or contact us to register your interest for upcoming webinars about offering a mobile payments solution.
Chief Product Officer, Dave Hemingway has been instrumental in the design and delivery of the mobile payments solution at Indue, and the successful launch of Indue’s clients into the world of mobile payments.
In this 45 minute webinar about the benefits of mobile payments, Dave will help you understand the value of offering a mobile payments solution, what the changing social and economic drivers are behind mobile uptake, and how you can deliver a mobile payments solution through partnering with Indue.
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Find out more about Indue’s Mobile Payments solutions.
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The New Payments Platform (NPP) is a major industry program to deliver a new payments ecosystem for Australia. It will provide consumers, businesses and government with faster, simpler and smarter payments, to support Australia’s 24/7 digital economy. The New Payments Platform’s key advantage, compared to any other payment stream, is speed. Both businesses and consumers can access funds in their account, in less than a minute.
Combined with the simplicity of PayID, 24×7 flexibility, and smarter available data, NPP will drive digital transformation across business into the future.
Join us for our complimentary webinar where we consider the impacts one year on from the launch of the NPP, and look ahead to the next 12 months.
During the 30 minute session we will share with you the evolving financial landscape surrounding NPP and the challenges faced by businesses.
• What’s in store for NPP in 2019?
• How can businesses stay relevant in the face of digital disruption?
• Is there still time to get on board the NPP?
Wednesday May 1, 2019
11:00 AM – 11:30 AM AEST
The webinar we will take a closer look at into the technical functionality of the NPP and explore how AI is helping to deliver Financial Crime solutions in our faster moving payments world.
This session promises to assist you as you move further along your path of enquiry and assessment of the New Payments Platform (NPP) and Orion Financial Crimes.
Our 40 minute complimentary session will be hosted by Indue Senior Product Manager – Orion Financial Crime, Holly McGregor.
This webinar has now closed
Join us for our 30 minute complimentary webinar, focusing on all things NPP.
During the 30 minute session our Senior Product Manager – New Payments Platform, Helen Flaherty, will share with you the technical aspects of the platform, how the first 6 months for the NPP has gone, and what the short, medium and long term plans look like for the future of the NPP and overlays.
This webinar has now closed
Payment solutions provider Indue today announced it had received an International Organization for Standardisation (ISO) 270001:2013 certification for information security management — one of the
most widely recognised and internationally accepted standards for the security of assets.
The ISO certification features requirements on how to implement, monitor, maintain and continually improve an Information Security Management System (ISMS) in accordance with the standard,
including preserving the confidentiality, integrity and availability of information to ensure risks are adequately managed.
Indue Chief Executive Officer Derek Weatherley said the accreditation reinforces the organisation’s proven security processes and credentials against the global standard.
“This is a significant achievement for Indue, which specialises in helping customers gain competitive advantage through innovative payment solutions,” Mr Weatherley said.
“The certification strengthens our approach to information security, and demonstrates to our customers and partners that we maintain the highest levels of data security.
“We are trusted by our customers to store and process their most valuable data, so this certification provides assurance that we have all the necessary controls in place to ensure this important information is protected.
“Particularly in the context of COVID-19 where we’ve seen an increase in the risk of data security breaches alongside a surge in online transactions, we’ve continued to demonstrate our commitment to secure payment products, supported by rigorous compliance, program oversight and our transaction monitoring and protection system, Orion Financial Crimes.”
Data security has never been more important, with COVID-19 restrictions forcing many businesses to move to remote data almost overnight, significantly increasing the risk of data breaches.
By implementing and following the necessary steps to comply with the ISO 27001:2013 standard, organisations can identify, control and eliminate security risks, ultimately certifying the security practices adopted within the organisation.
ISO is an independent, non-governmental, international organisation that develops standards to ensure the quality, safety and efficiency of products, services and systems.
Indue appoints accomplished business leaders to the Board
Leading banking payments, financial crime management and technology services company Indue
Limited has today announced the appointment of accomplished business leaders Susan Rix AM and
Abigail Cheadle as new independent non-executive Directors to its Board.
Their appointments follow the retirement of current Board members Robin Burns and Sally Collier.
Ms Rix and Ms Cheadle join the Board in January 2021.
Ms Rix is a tax and advisory partner with BDO in Brisbane and has had a distinguished career in
corporate advisory and non-executive roles across numerous sectors spanning more than 35 years.
Her current Board roles include Chair of Harcourts Group, Queensland Performing Arts Trust (Chair of
Risk Management and Audit Committee) and Chair of AEIOU Foundation. Ms Rix is also a
Queensland University of Technology Council Member and Business School Adjunct Professor. Her
previous Board roles have included Queensland Rail (Chair of the Audit and Risk Committee), Port of
Brisbane Corporation and Mater Misericordiae Ltd.
Her experience includes the various aspects of commercial, financial and taxation matters.
Ms Cheadle is an accomplished corporate advisor, executive and non-executive Director with
experience growing finance, services and technology companies.
She spent 17 years of her 27 year career in Asia where she held executive positions with Kroll (head
of investigations for Asia), KordaMentha (partner in charge of Forensics), Deloitte (head of Singapore
Forensic), and Ernst & Young(Forensic Accounting service line leader for Asia Pacific). She is
presently non-executive Director and Chair of Audit and Risk Committee for two ASX listed
companies, namely: Isentia Group Ltd and Shriro Holdings Ltd. Ms Cheadle was previously a non-
executive Director and Chair of the Audit, Risk and Compliance Committee for two other ASX listed
companies, namely: QANTM Intellectual Property Ltd and SurfStitch Group Ltd.
Indue Chair Frank Gullone welcomed Ms Cheadle and Ms Rix to the Board, and said he looked
forward to their contribution and the opportunity to leverage their depth of corporate experience.
“Together, they bring to the Board outstanding and relevant experience, and deep expertise in
business strategy, transformation, risk and governance.
“Susan and Abigail’s diverse backgrounds and skills will further strengthen the Indue Board and
complement the expertise of the existing Directors in the strategic development of the company.
8th November 2021
LEADING payments and technology services company Indue Limited has announced Fred Perry as Chief Commercial Officer effective January 2022.
Mr Perry is set to drive the company’s commercial business with a focus on accelerating growth, product optimisation and driving competitive advantage for our clients in all their payments needs.
Indue Chief Executive, Derek Weatherley, said he was excited for Indue’s future under the commercial leadership of Mr Perry.
“We are thrilled to appoint Mr Perry as Chief Commercial Officer and are confident the business will thrive under his leadership given his past performance in driving significant change for organisations and his solid background in delivering results for the financial sector,” Mr Weatherley said.
Mr Perry has 24 years’ experience optimising client value in industries including business and wholesale banking, financial services and venture capital. He joins Indue from RACQ where he held the role of General Manager of Strategic Delivery and Enablement, leading the Transformation Office, and the role of RACQ Bank Chief Operations Officer where he built and fostered an environment of collaborative relationships, innovation, integrity and dedication to excellence.
Prior to this Mr Perry worked in senior roles with ME Bank, Angus Polar, Centrepoint Alliance Ltd and spent more than 11 years at National Australia Bank in the roles of Head of Sales Growth and
Optimisation, Head of Transformation and Head of Analytics.
He holds a Master of Business Administration from University of Newcastle, a Post Graduate Diploma of Finance and a Diploma of Marketing Management.