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Vendor Verification

Use Case

Your First Line of Defence Against Vendor Fraud

Vendor fraud is one of the most costly and difficult-to-detect risks facing finance teams today. Eftsure gives you the power to proactively detect and block fraudulent payments before the funds ever leave your account.

Payment Verification

Eftsure’s Traffic Light System Clearly Flags Potential Errors & Fraud

Our traffic light alert system provides instant visibility across your payment workflow. A green thumbs up confirms a verified match. The amber thumb signals further investigation is required before paying your invoice. A red thumb flags discrepancies between supplier details and account information, letting you know it’s not safe to process payment.  

Keep your list of suppliers compliant

Built For Finance Teams

Global Cybercrime Damage Predicted To Hit $10.5 Trillion Annually By 2025

Finance teams, specifically accounts payable teams, are key targets for cybercrime. Without the help of software, it’s always going to be an unfair fight.

Cybercriminals only need to succeed once, whereas finance teams must be sure about payment details every time. Eftsure provides peace of mind and confidence throughout the entire payment lifecycle.

Seamless Integration

Save time and money on manual verifications

Our solution integrates seamlessly with your existing ERP or accounting platform. Just plug Eftsure in for an added layer of protection that operates in real time. Say goodbye to time spent on manual verification, we’ll take it from here.  

Scam and Fraud Prevention

Minimize risks associated with business email compromise (BEC) and invoice scams

Cybercriminals only need one opportunity to succeed — but your finance team needs to be right every time. Eftsure closes the gap by verifying the legitimacy of payment requests and vendor data, protecting businesses even when targeted by social engineering fraud schemes.

The Eftsure Guarantee

Up to $1 Million in Protection for Verified Payments

Eftsure will guarantee up to $1 million in fraudulent payment losses that result from social engineering fraud, complementing Eftsure’s real-time verification technology.   

If an Eftsure verified payment (with a Green Thumbs Up) is compromised by social engineering fraud, we’ll cover the loss — up to $1 million per customer. 

FAQ

Eftsure is a leader in fraud detection and payment protection.

Our pioneering fraud-tech solution brings financial controls into the digital age and helps organisations of all sizes mitigate the risk of processing irretrievable payments to scammers.

Our global multi-factor verification platform boasts over 6 million verified businesses. This enables you to verify banking details in real time before processing payments to your suppliers. This helps mitigate the risk of human error and prevents modern cyber fraud tactics such as social engineering, phishing and fake invoicing from impacting you financially.

In a business landscape where instances of digital fraud are rising exponentially, Eftsure  enhances your payments controls and provide you additional peace of mind.

Digital transformation is changing how we do business, but it also brings new challenges, especially with the rise in digital fraud. Organisations face unprecedented threats from offshore criminal syndicates aiming to defraud them through hacking and deception.

The risk is highest with payments because banks don't verify the payee’s account name with the ABN or account number. This gap allows criminals to exploit organisations through methods like Business Email Compromise (BEC), Vendor Email Compromise (VEC), hacking ERP systems, and tampering with vendor master files and ACH files used for online banking.

Accounts Payable teams often lack the capacity and training to detect such fraud, and ERP and accounting software can only match new data to existing data, not against an independent source.

Modern cybercrime and fraud use identity theft and social engineering (manipulation) to impersonate trading partners and vendors. Vulnerabilities in supplier or partner organisations become your problem, too, allowing fraudsters to infiltrate their systems and deceive you using legitimate email accounts and documentation.

These impersonations rely on legitimate email accounts and are extremely hard to detect. Furthermore, fraudsters constantly adapt their tactics to circumvent most payment controls and AP measures.

A single factor of verification (be it your own records or a callback control) is insufficient in such an environment. That’s why we’ve developed an approach that’s fit for a digitally connected world: multi-factor verification.