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Supplier Verification

Use Case

Know exactly who you’re paying – before you pay

Eftsure’s Know Your Payee (KYP) software helps finance teams verify the payment details of suppliers before payments are made. Eftsure is the fastest way to verify payment details are accurate, up-to-date and fraud-free.

Payment Verification

Real-time validation of supplier information

Our software allows you to review your payment files by checking the supplier’s payment details are safe to pay. With our real-time traffic light alerts, anomalies are flagged instantly — so you can halt risky payments before they’re released. 

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.

Payment Fraud Prevention

Reduce payment fraud and human error

Whether it's invoice fraud, fake supplier details, or simple typos, Eftsure’s KYP validation catches what manual processes could miss. Our technology flags inconsistencies and handles the time-consuming verification work for you.

Verified Supplier Database

Comprehensive supplier database

Eftsure has a database of 7.5+ million verified supplier records. This gives finance teams the confidence that the supplier information they’re verifying is based on comprehensive, current data. 

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.