The FBI’s 2024 Internet Crime Report reveals a sharp rise in cyber-enabled fraud, with reported losses reaching $16.6 billion, up 33 percent from the previous year. Of that total, $2.77 billion was linked to Business Email Compromise, a type of scam that targets finance teams by manipulating vendor communications or internal payment approvals.
For CFOs, this is more than a cybersecurity statistic. It is a call to strengthen financial controls that are increasingly vulnerable to digital fraud tactics.
BEC remains the most financially damaging form of cybercrime. Attackers impersonate vendors or senior executives to convince finance teams to change payment instructions or approve fraudulent invoices.
Why it matters for CFOs
These scams bypass traditional approval processes. A well-worded email can override multiple layers of internal control if bank account verification is not independently enforced.
How Eftsure helps
Eftsure verifies vendor bank account details in real time. It confirms whether the account receiving funds matches a known, legitimate profile. This stops fraudulent payments before they are executed.
Digital fraud techniques, such as spoofed websites, email impersonation, and social engineering, were responsible for $13.7 billion in reported losses.
Why it matters for CFOs
These schemes are increasingly aimed at finance personnel, not IT systems. They exploit everyday business workflows, including invoice approvals and payment processing.
How Eftsure helps
Eftsure operates independently of email, ERP entries, or manual uploads. It verifies vendor data at the point of payment, making it difficult for fraud to succeed even if internal systems have been compromised.
Wire and ACH transfers are fundamental to business payments. They also feature prominently in successful fraud cases, as they are fast, final, and perceived as secure.
Why it matters for CFOs
These channels carry a false sense of trust. Once funds are sent to a fraudulent account, recovery is rarely possible.
How Eftsure helps
Eftsure performs a final validation before funds are released. It ensures payment data matches a verified vendor profile, offering an essential line of defence for high-risk transfers.
With more than 193,000 complaints, phishing and spoofing were the most reported cybercrime categories. These tactics often begin the fraud lifecycle by capturing credentials or tricking staff into changing vendor details.
Why it matters for CFOs
Phishing emails that impersonate vendors or colleagues can easily deceive busy AP staff, especially when urgency is implied. Manual processes are not equipped to identify modern impersonation techniques.
How Eftsure helps
Eftsure provides an automated, independent source of truth for vendor data. It ensures that any change in banking details or invoice requests is validated against a trusted source, not just an email.
The FBI reported $1.46 billion in losses from tech support scams and $405 million from government impersonation schemes. These frauds increasingly target finance professionals and result in unauthorised payments or compromised systems.
Why it matters for CFOs
Once a threat actor gains access to a finance user’s system, they can modify vendor data or submit invoices that appear legitimate. Internal systems alone cannot detect these changes in real time.
How Eftsure helps
Eftsure continuously monitors vendor records and validates every payment against a known profile. Even if an attacker breaches internal systems, unauthorised payments are blocked before they leave the business.
The FBI’s Recovery Asset Team successfully froze $561 million in attempted fraud losses. However, this represents only a small portion of the total value lost. Relying on post-incident recovery is no longer a viable strategy.
For finance leaders, the response must be preventative. Recognising this evolving threat landscape, Eftsure has launched Eftsure Guarantee—providing up to $1 million in protection for verified payments lost due to social engineering scams.
Key benefits of Eftsure Guarantee:
Up to $1 million coverage for losses on verified payments impacted by social engineering scams
Proactive fraud prevention through validation of vendor payment details before transactions are processed
Seamless integration with Eftsure’s existing supplier and payment verification processes, adding an extra layer of protection without additional steps
Eftsure Guarantee enhances your organisation’s resilience against payment fraud, ensuring that even if a scam breaches your initial defences, your financial assets have an added layer of protection.
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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.
