• eftsure’s Know Your Payee solution helped the customer prevent the consequences of fraud by utilising the power of community, independent verification and sophisticated fraud monitoring algorithms: Powering eftsure’s verification, payment and compliance signals is our unique verified supplier database. It contains over 1.2 million verified businesses and is growing daily. It is a community of businesses protecting each other with verified vendor data.
  • By verifying a change of supplier’s account details with eftsure, the customer ensured payments intended for their vendor reached the actual vendor and not someone else.
  • eftsure’s ability to alert the customer to the fraud so quickly allowed the supplier to also notify their other customers prior to them making any payments to the fraudster Had eftsure not highlighted the fraud, the customer would almost certainly have made three payments to the fraudster as they had payments scheduled at intervals of 2 days, 7 days and 14 days from the date of the compromise. The supplier would not have queried their due payments for at least 2 weeks meaning that over $1m would have been lost to the fraudsters. This is in addition to any other payments other customers of the supplier may have made to the fraudster prior to the scam being detected.
  • The comment from the customer to the supplier when asked by the supplier to supply them with the intercepted fraudulent email was: “Hi xxx, After searching the emails, finally I found the email telling us that you did change the banking details as per below, highlighted in yellow. Please check your email system as I think your email system has been hacked. Lucky we have eftsure to verify if this is legit. This is scary.”
  • This also demonstrated to anyone that makes payments to the supplier that they are part of the community of businesses committed to solving an important issue facing all businesses in Australia.
  • It was only 7 months after signing up that eftsure prevented a major loss to the customer, dramatically further proving the ROI to the customer (in addition to the productivity and workflow gains they have achieved through using eftsure).
  • Real-time vendor alerts at the point of payment will prevent other businesses from paying to the fraudulent account.

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