How EFTSure Is Using Cyber Security To Keep Their Clients Organisation’s Safe
How EFTSure Is Using Cyber Security To Keep Their Clients Organisation’s Safe. The digital evolution has had a positive impact on the corporate world, significantly changing the way things have traditionally been done. Unfortunately, while there has been a change for the good, fraudsters have found new opportunities to exploit vulnerabilities and attack corporate payment systems. These attacks are coming from all fronts, being malicious insiders or cybercriminals outside organisations.
The EFTSure solution has been designed to give businesses the ability to manage, control and secure the full lifecycle of a payee from on-boarding through to the actual point of payment. This helps to reduce payment fraud and error by ensuring that electronic fund transfers always go to the right payee.
Payee data is often collected over time from various sources such as invoices and emails. This can result in the data being out of date, manipulated, duplicated or containing risk and errors. EFTSure’s comprehensive screening tool is used to perform a health check on their organisations existing payee data to ensure it is cleansed and free from risk and error.
Email is widely used by most businesses to collect bank account and other required information to onboard and pay new payees. Besides for this process being inefficient and difficult to manage, this has also made it all too easy for cyber criminals to exploit the vulnerabilities commonly found with communicating via email. People can use EFTSure secure and customisable portal to manage and verify new and change request payee onboardings. Once this information has been EFTSure verified, it is continuously and independently monitored against external databases to ensure there are no unexpected changes that can lead to fraud or error.
Banks require only the account number and branch code to be input to process an EFT payment. They do not match the name of the payee to the account number. This is disclaimed by the banks and they put the onus of making sure the correct details are loaded on the payer. Clients can use EFTSure’s unique thumb reporting in bank screen or in the EFTSure portal to provide real-time risk and error alerts at point of payment prior to every payment release. Type of alerts include: account numbers not matching the payee details; incorrect vat registration; duplicate and out of range payments etc.
