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Supplier Verification

Use Case

Smarter Accounts Payable Automation. Complete Supplier Verification.

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

Accounts Payable Automation

Eliminate manual checks without compromising control

Manual verification is time-consuming and error-prone. Eftsure automates critical steps like supplier onboarding, payment file validation and bank detail checks — all while keeping your internal controls intact. 

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

Eftsure works with your existing accounting setup

Our solution will integrate 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.

Fraud & Error Prevention

See immediate risk indicators with Eftsure’s visual payment alerts

Our traffic light alert system helps finance teams quickly assess payment risk. A green thumbs up confirms a verified supplier. An amber thumb indicates that the payment details require closer review. A red thumbs down flags a clear mismatch in supplier information. With this simple visual system, it’s easy to identify potential fraud or errors before funds are released.

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.