Across your entire payment lifecycle eftsure draws on its large, proprietary, and dynamic database of verified vendors to provide you with real-time alerts – in the form of simple traffic-light style ‘red thumb’ and ‘green thumb’ symbols that indicate the validity of the vendors bank account information (or lack thereof). By validity we mean that the BSB Account Number match the Bank Account Name and ABN; preventing you from making incorrect payments whether due to fraud or error.
This network powers eftsure’s ability to verify your data at all key phases of your payment lifecycle:
The power behind eftsure’s ability to health-check your existing vendor data, securely onboard vendors and provide real-time payment alerts is our database.
This network contains over 2 million Australian organisations which is 80% of the current actively trading businesses (by ABN) in Australia. The database was built by eftsure and is proprietary to eftsure.
However, it is growing and dynamic: as customers add or change vendors, the database grows and adapts. There are multiple layers of data in the database including, customer verified data, supplier verified data, bank verified data and third-party data from ASIC and a series of credit bureaus. It is the crossmatching of all these data sets that underpins eftsure’s multi-factor verification. Algorithms work across the database monitoring recency of businesses and payment patters to further secure the data and prevent it from being ‘gamed’.
Multi-Factor Verification is a methodology, enabled by network technology and the scale of the cloud, to provide multiple points of verification for a given set of vendor bank account information. Based on best-practice cyber security methodologies, such as Multi-Factor Authentication, eftsure embraces a “Safety in Numbers” approach – we verify a given set of bank account details (matching payee name to BSB Account Number and ABN) if multiple businesses verify and pay at the same set of details, then we deem them correct.
We use our live-and growing verified database of almost 2 million organisations, to first verify and then crossmatch this data.
This is powerful because to deceive the system, a fraudster would have to deceive multiple organisations at the exact same time. Not to mention defeat our algorithms that look at amongst other factors, the frequency and recency of businesses joining the network.Read our Multi-Factor Verification whitepaper
Eftsure provides continuous control monitoring to protect your eft payments. Our multi-factor verification approach protects your organisation from financial loss due to cybercrime, fraud and error.