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Vendor Verification

Use Case

Protection with Eftsure's financial fraud software

Eftsure provides B2B payment protection to mitigate the risk of payment errors, fraud, and cybercrime. Eftsure secures vendor onboarding and offers comprehensive vendor management, ensuring your payments are protected in real time.

See how Eftsure protects your business payments

Payment compliance

Continuous compliance and monitoring

Eftsure continuously monitors your payments, with audit-ready tracking and reporting that keep your compliance and audit teams informed. Real-time alerts and monitoring provide peace of mind, keeping your financial operations secure from evolving threats.

Built for Finance Teams

Global cybercrime damage on trajectory to hit $12.2 trillion annually by 2031

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.

Segregation of Duties

Seamless integration with your workflows

Once you're live, connect Eftsure to your existing systems, including ERP and treasury platforms, through prebuilt connectors like Kyriba, Coupa, Esker and SAP, fitting within your existing business processes, including segregation of duties. You get the security you need without disrupting your established workflows.

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 11 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 growing 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 UEN 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 GIRO 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 vendor 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.