Eftsure backs solution with new guarantee

Eftsure will guarantee up to $1 million in fraudulent payments that result from social engineering, complementing Eftsure’s real-time verification technology.

“With $250 billion in payments safeguarded annually, we’re confident in Eftsure’s Know Your Payee network and its ability to mitigate customers’ payment fraud risks,” says Jon Soldan, Eftsure’s Chief Executive Officer. “Eftsure Guarantee underscores that confidence and is designed to give finance leaders even greater peace of mind.”

“As AI and data breaches continue to help scammers scale and improve their tactics, fraud attempts are becoming more frequent and more sophisticated. Peace of mind doesn’t come easy in this environment—leaders are rightfully worried about how a changing security landscape could affect their finances and reputation.”

“The launch of Eftsure Guarantee provides an additional safety net, backing verification with proactive assurance. This is especially important in countries where financial institutions are not legally required to reimburse scam-related losses.”

Across most types of cybercrime, the US and Australia are consistently ranked as some of the most targeted countries, according to 2023 threat reports like those from Microsoft and Trend Micro. The Federal Bureau of Investigation (FBI) estimates that $50 billion is lost to domestic and international business email compromise (BEC) scams. While some regions—such as the United Kingdom—now mandate bank reimbursements for victims, liability for financial losses remains a hotly debated topic in Australia.

“We know that many banks in the US, Australia, and New Zealand are trying to minimize scam risks for customers, but business leaders don’t have the luxury of waiting for regulators or the banking industry to solve such a complex problem, nor can banks solve it singlehandedly,” says Soldan.

Eftsure’s real-time verification network continuously validates vendor details and payment information, helping businesses prevent payment fraud before it happens. By ensuring vendor details are accurate and up to date at the time of payment, organizations can strengthen compliance, reduce financial risk, and enhance trust across stakeholders.

However, Soldan says businesses are seeking layered solutions that provide guardrails across procurement and payment processes—including events in which fraud has already occurred.

“Eftsure Guarantee is the next evolution in payment security, giving organizations a safeguard that works in tandem with digital fraud prevention controls,” says Soldan.

With businesses increasingly vulnerable to business email compromise (BEC), invoice fraud, and vendor impersonation, payment fraud remains a top concern for finance and risk leaders.

Eftsure’s latest offering meets this demand by introducing additional protection that complements risk management strategies. Unlike other solutions that focus on fraud detection after the fact, Eftsure’s technology is built to stop fraud at the point of payment, before funds leave an organization’s account.

Key benefits of Eftsure and Eftsure Guarantee include:

• Up to $1 million protection on verified payments
• Proactive fraud prevention that validates vendor payment details before transactions are processed
• Seamlessly integrated into Eftsure’s supplier and payment verification process, adding another layer of protection without extra steps

“Businesses shouldn’t have to choose between efficiency and security,” says Soldan. “Everything we do here at Eftsure is aimed at helping them improve both.”