Payment fraud prevention company Eftsure has unveiled its new guarantee product that offers organisations $1 million in protection against payment losses arising from social engineering.

Eftsure said the launch of the guarantee product demonstrates Eftsure’s confidence in its own platform in terms of its ability to counteract an increasingly heightened risk environment in which fraud risks are evolving rapidly.

The guarantee will complement Eftsure’s long-standing verification technology, aimed at providing customers with greater confidence in their business payments before they’re processed.

Eftsure global chief executive Jon Soldan said the launch was a significant step for Eftsure and would provide greater peace of mind for customers and their B2B payments.

“We know that the unfortunate reality is that the vast majority of Australian businesses have been targeted in the last five years and with fraud risks constantly evolving, it’s a challenging environment for financial leaders to combat,” Soldan said.

“This has meant that defences need to also evolve, and it’s why Eftsure is committed to continually exploring ways we can support customers, with Guarantee representing a substantial development on this journey.”

With scam liability, reimbursement for victims and a push for stronger scam prevention measures in Australia all growing as discussion points, the fraud prevention company said it is aiming to hold up its side of proceedings and offer increased peace of mind as attacks continue to rise.

Eftsure noted that there has been a 400 per cent growth in the dollar value of fraud attempts since the first quarter last year, equating to approximately $10 million, and that further action was needed in this area.

“Eftsure has experienced significant growth in the last five years - increasing customer and revenues by 20 times in that period and expanding to the US,” the company said.

“The organisation is now responsible for safeguarding more than $288 billion in B2B payments a year, and protects over 2,800 customers, including PepsiCo, Chobani and BlueScope.”