Eftsure has announced the launch of its international payment verification service for customers across Europe, the US, Canada, India, Japan, and South Korea.
Following this announcement, Eftsure aims to minimise international payment risks by embedding a proprietary, multi-layered verification process throughout an institution or organisation’s payment chain.
The company will also partner with several institutions, including the US-based clearing house Nacha and BNP Paribas in Europe, aiming to provide customers and clients with an improved level of financial security when dealing with overseas vendors and merchants.
More information on Eftsure’s international verification service launch
According to the official press release, international payments usually carry multiple vulnerabilities that domestic fraud prevention systems often don’t address. In addition, as stated by the FBI’s Internet Crime Complaint Center (IC3), reported losses from cyber-enabled fraud in the US hit USD 16.6 billion in 2024, representing a 33% increase from the previous year, with phishing, spoofing, and extortion topping the list of complaints, but investment and business email compromise (BEC) scams costing victims the most money.
Meanwhile, one-third of finance professionals surveyed by Eftsure also mentioned that they’re unsure where to report fraud incidents, which suggests that many losses go unreported. Furthermore, multiple AI tools are compounding these risks through the process of making it cheaper and easier for criminals to launch payment redirection and several types of fake invoice scams. The low-risk, high-reward nature of these crimes has given them the possibility to grow into organised enterprises, especially in developing regions. With this, when vendors and merchants operate in overseas markets, businesses are exposed to more fraud risks.
Considering this, Eftsure launched a service that aims to minimise those risks and keep customers and businesses safe from fraudulent activities. In addition, it will also focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the local industries as well.
