Detect Fraud and spam Attempts
Before Releasing Funds. EFT Verification Service
Over 270m lost to payment redirection scams in 2021
Identity theft is increasing
Increasing of business emails being compromised
- Show fraud and error alerts before releasing funds, not after. EFT verification service to check and verify suppliers before releasing funds.
Extension to our supplier onboarding that matches account name,
bank details and ABN.
- Everytime there's a new payment run Transaction Trust will cross check the transactions
What is an EFT Verification Service and why is it important to check payments?
An EFT verification service plays a vital role in the world of electronic transactions by providing businesses with a secure way to validate payment details and prevent fraudulent activities. As digital payments continue to gain popularity, the need for robust EFT verification services will only grow. So if you're running or working for a business that deals with electronic fund transfers, it's definitely worth exploring how an EFT verification service could benefit your operations.
When a business uses an EFT verification service, they're able to confirm that the payment details provided by their customers are legitimate and accurate. This can help prevent unauthorized transactions and ensure that payments are processed securely and efficiently. With cybercrime on the rise, having a reliable EFT verification service in place is crucial for businesses looking to protect themselves and their customers from potential financial risks.
Checking supplier payments before releasing funds gives you the opportunity to catch any errors or discrepancies. It's important to ensure that all invoices match up with the agreed-upon terms and pricing. This simple step can prevent unintentional overpayments and keep your finances on track.
By verifying supplier payments, you're holding both parties accountable for their financial agreements. It sets a standard of transparency and trust between your company and its suppliers. Plus, it reinforces the importance of accurate record-keeping and establishes clear expectations for future transactions.
Another reason to check supplier payments before releasing funds is security. With the rise of online transactions and digital communication, there's always a risk of fraudulent activity. Taking the time to review payment details can help safeguard against unauthorized changes or fake invoices. It's like adding an extra lock on your virtual vault!
Let's not forget about reputation. Your company's integrity is priceless, and maintaining a solid reputation in the business world is crucial. By diligently reviewing supplier payments, you're demonstrating a commitment to ethical business practices and financial responsibility. This level of diligence can enhance your professional image and build trust with clients and partners alike.
Depending on your industry or location, there may be specific regulations or standards regarding payment processing and record-keeping. By thoroughly checking supplier payments before releasing funds, you're ensuring that your company remains compliant with all relevant laws and guidelines.
Benefits of EFT Verification
Be aware of the dangers of screenscraping
Cyber crime and its impact on payment misdirection for companies