Electronic Funds Transfer (EFT)

What counts as an EFT?

Electronic funds transfer is the umbrella term for moving money between bank accounts electronically. In Australia it covers direct entry pay runs, direct debits, and real-time payments over the New Payments Platform. When a finance team pays a supplier by entering a BSB and account number rather than writing a cheque, that is an EFT. Nearly every business payment today is an EFT of some kind, which makes the accuracy of the destination account details the thing that determines whether money reaches the right party.

Why it matters for Australian finance teams

EFT is fast, cheap, and largely irreversible once processed, and that combination is what fraudsters count on. An altered account number in an emailed invoice, a changed payroll destination, or a fake supplier all end in a routine EFT that looks completely normal to the bank. The ACCC’s Scamwatch consistently reports payment redirection and false billing among the costliest categories for Australian businesses, and almost all of those losses are settled as ordinary electronic transfers.

How ezyshield helps

The defence is to confirm who owns the account before the transfer leaves. ezyshield verifies the person, validates the business through ABN and ASIC records, and checks bank account ownership before money moves, so an EFT is not the first time anyone confirms the recipient. If the account details change, ezyshield triggers re-verification, and every check is written to an append-only audit trail that is logged and never edited or deleted. See how it works and bank account ownership verification.