What is EFT and how is it secure?
EFT (Electronic Funds Transfer) is the digital relocation of money from one bank account to another. It is the gold standard for business-to-business transactions because it is inexpensive, quick, and most of all, highly secure.
In general, EFT transactions only require your bank account information. This is more secure than paper check and credit card-based transactions that expose your account information with each purchase. Unlike many other types of transactions, payments via EFT are revocable in case of an error as well. EFT transactions must be from one US-based bank account to another.
What are Forager’s security measures?
Forager ensures account and payment security through multiple protocols. Account information is encrypted and stored on a secure server, where two-step verification is required to access the information.
EFT transactions are initiated daily during business hours using a secure PC. Only employees trained in EFT security and vetted through a third-party background service are authorized to originate EFT payments.
To initiate a transaction using EFT, multifactor authentication is required. This multifactor authentication is managed through use of a security token that generates a one-time password that secures the two-step login. Each EFT transaction is manually reviewed by a trained member of Forager and a specialist at Androscoggin Bank. Account activity is audited weekly for fraudulent activity.