This week I host Max Carter, co-founder of Goti. Goti is building a new payments and document-sharing platform to help businesses protect themselves against invoice fraud.

We talk about the many hidden risks businesses face with current payment workflows, how Goti is tackling each one, the need to keep pushing innovation in a “boring” but critical space, and Max’s deep-seated mission to advocate for victims of fraud.

We also discuss the breakdown of trust, a theme I also cover in my very first episode with Danai Fadgyas.

Max and co-founder Aaron are currently in the midst of the Australian Antler Residency.

If you’re interested in finding out more, you can follow Goti’s LinkedIn Page, or get in touch with Max directly at max[@]gotiapp.io.

The scale of fraud is growing rapidly, so I’ve shared links below for resources should you need them.

Links

* BECS - the current most widespread payment system in Australia

* NPP - “New Payments Platform” being rolled out, albeit slowly according to Max

* ABA files - the data format that enables batch transactions

* ABC news reporting on the spoofed Bendigo Bank site Max mentions (Article | 4 mins)

* ACCC’s “Scamwatch” statistics on total fraud losses for 2022, as well as past and more recent data

* Reporting a scam through Scamwatch

* IDCARE - ANZ’s cybersecurity support service should you need it

Show notes

* [00:01:47] - [First question] – Max’s past experiences that led him to explore payment fraud

* [00:03:23] - The most common misconception people have about fraud

* [00:04:34] - The scale of fraud attacks against businesses and the recent rapid growth

* [00:05:29] - Detail about how Max’s previous company suffered at the hands of fraudsters, as well as the unseen implications for the company

* [00:07:11] - How fraud affects personal lives of victims

* [00:08:26] - Max’s ambitions and how they aligned with fighting fraudulent attempts

* [00:10:32] - How fraud is symptomatic of broader erosions of trust, and the opportunities to change that

* [00:12:04] - Validating the initial ideas and mapping out initial opportunities for the product

* [00:13:51] - Pivoting from the initial idea to a space that had real value for customers

* [00:14:34] - The variety of businesses that the founders spoke to, to validate the new concept

* [00:16:57] - The story behind the name

* [00:18:25] - How a customer might use Goti on a day-to-day basis

* [00:19:23] - The speed and security increases Goti provides compared to ordinary workflows

* [00:21:10] - Specific security issues with common accounting/invoicing software and banking portals

* [00:23:15] - A rundown of the PayID and PayTo payment rails unique to Australia that Goti makes use of

* [00:25:24] - Staying ahead of the curve by making use of new technology

* [00:26:40] - How Goti onboards customers to ensure their safety

* [00:27:49] - How Goti might scale beyond Australia, given the reliance on Australia-specific payment rails

* [00:28:41] - The experience so far with Antler

* [00:30:13] - What founders are looking for in a partner

* [00:31:01] - The various technologies Goti might make use of in the future

* [00:31:37] - The kinds of people Goti wants to work with to grow the company and make the space exciting

* [00:32:42] - The dream of being the gold standard in secure payments

* [00:33:23] - Leveraging urgency to make change and be leaders in the space

* [00:34:28] - Socials and contact info

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