Eftsure: Global Leader in B2B Payment Protection Launches International Verification Service

Eftsure targets escalated cybercrime risks associated with managing overseas vendors.

Sydney, Australia: Australian businesses are increasingly vulnerable to international payment scams as artificial intelligence makes cybercrime cheaper, easier, and more sophisticated, while cost-of-living pressures drive some skilled workers toward black-market gigs.

Eftsure Launches Global Payment Verification Service

In response to escalating risks, Australian fintech and global market leader Eftsure has launched an international payment verification service across major markets, including Europe, the United States, Canada, New Zealand, India, Japan, and South Korea, with full global coverage planned in 2026.

The timing is critical, as AI tools are enabling cybercriminals to launch increasingly sophisticated business email compromise (BEC) and fake invoice scams at scale. Finance leaders also point to the inefficiencies of trying to secure international payments without a technology solution.

Time Zones and Manual Processes Create Verification Challenges

“It’s a real pain trying to verify overseas creditors. Time zones, faceless departments – it’s all manual and slow,” says Lynne Sampson, Group CFO of Positive Real Estate. “Having a trusted third party like Eftsure step in will save us time and give us real confidence in making international payments.”

Stretched Teams Face Growing Vulnerabilities

Eftsure CEO Jon Soldan points to growing threats to payment security as a major reason for the launch.

“We’re seeing a perfect storm where AI is making cybercrime more accessible to criminals, while cost pressures are forcing legitimate businesses to operate with smaller, stretched IT and accounts teams,” he says.

“This creates dangerous vulnerabilities, particularly when Australian companies are making payments to foreign bank accounts. Language barriers and different time zones often make traditional controls costly, time-consuming, and more difficult to complete.

“All of those factors make international payments even riskier.”

BEC Scams Cost Australian Businesses $84 Million Annually

International payments present unique vulnerabilities that domestic fraud prevention systems cannot address. Australian Signals Directorate data reveals that businesses lost $84 million to BEC scams in the year to June 2024, with each impacted business losing an average of $55,000 – a significant jump from $39,000 the previous year.

True Cost of Payment Fraud Likely Underreported

Eftsure survey data shows that one-third of finance professionals are unsure where to report fraud incidents, indicating that AU scam losses are likely underreported.

“Government-reported scam losses are large, but our own data indicates that the problem is likely even bigger and costlier,” says Soldan. “A significant portion of vendor verifications exhibit potential signs of fraud, and we know that payment fraud often goes unreported or even undetected if companies don’t have solutions in place.”

International Transactions Attract Organised Criminal Enterprises

These risks are magnified for international transactions, where verification of overseas suppliers is more complex and criminals exploit the distance between Australian businesses and their foreign vendors.

The low-risk, high-reward nature of international payment fraud has consequently attracted organised criminal enterprises. This is particularly evident in nations like Myanmar, where cybercrime operations have evolved into sophisticated business models. Moreover, these operations not only exploit local individuals but also simultaneously target companies worldwide.

Multi-Factor Verification and Global Partnerships Strengthen Protection

Eftsure’s international verification service addresses these challenges by embedding multi-factor verification throughout payment processes and providing staff with real-time payment information. The service is backed by the world’s largest database of allowlisted vendors. Eftsure also works with respected partners, including the US-based clearing house Nacha and BNP Paribas in Europe.

“This launch cements Eftsure’s position as the global leader in business-to-business payment protection, while specifically addressing the unique challenges Australian businesses face in today’s economic environment,” says Soldan

Given the critical nature of payment protection and the scale of associated risk, Eftsure is actively looking to work with organisations that manage business payment processes. A complete list of supported countries is available here.

 

About Eftsure

Founded in 2014, Eftsure is the global market leader in payment fraud prevention. Specifically designed for businesses, our end-to-end solution safeguards hundreds of billions in B2B payments every year, in almost every major market in the world. Powered by cross-checking and staff based around the world, we use a variety of verification methods to give businesses greater control over onboarding suppliers and making payments. In short, we ensure our customers don’t pay the wrong people.

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