EFT proof of payment: how to verify it and avoid fake POPs

An EFT proof of payment (POP) only shows that someone instructed a payment. It doesn't prove the money has arrived in your account, and POPs are easy to fake or cancel. The only safe rule is: release goods or services when the funds reflect in your own bank account (or your bank confirms them), not when a PDF or screenshot lands in your inbox.

EFT remains one of the most-used payment methods in South Africa, especially for B2B invoices, second-hand sales and larger amounts. Here's how to accept it without getting burned.

Why a POP isn't proof of funds

• Future-dated payments. A customer can schedule a payment for next week and send you the POP today, then cancel it.
• Inter-bank delays. Normal EFTs between different banks can take time to reflect, so there's a real gap between "paid" and "received".
• Edited documents. A POP is just a PDF or image. Changing an amount, date or account number takes minutes.
• Wrong account. A genuine POP might show a payment to a different account (including a fraudster's account that looks like yours).
• Reversed or recalled payments. Payments can occasionally be recalled, for example when made in error or as part of fraud.

South African banks and the South African Banking Risk Information Centre (SABRIC) regularly warn about fake proof-of-payment scams, especially in online marketplaces and vehicle sales.

Red flags in a proof of payment

A safe EFT verification process

1. Give every invoice a unique reference

A unique reference (for example the invoice number INV-10482) lets you match the deposit to the invoice with certainty. See payment reference best practice.

2. Accept the POP as a signal, not a trigger

When a POP arrives, record it against the invoice as "POP received, awaiting funds". Don't mark the invoice paid yet.

3. Check your own bank account

Log in to your banking app or statement feed and look for the deposit. It must match:

• the amount (exactly, or a known partial payment),
• the reference, and
• a date on or after the POP date.

Never use a link, phone number or "bank confirmation" provided by the payer.

4. Only then release goods or services

For high-value or irreversible deliveries (vehicles, electronics, gift cards), wait until the funds are cleared in your account, not just shown as pending.

5. Record who verified the payment

A simple audit trail (who marked it paid, when, matched to which bank transaction) protects you and makes month-end easier.

6. Refund only to the original account

If someone overpays, verify the full deposit has cleared, then refund to the account it came from. Never refund to a different account because the payer asks.

When a POP genuinely helps

POPs aren't useless. They're very helpful for:

• Identifying unreferenced deposits. When a customer forgets the reference, the POP tells you which invoice a mystery deposit belongs to.
• Speeding up matching. A POP upload gives your finance team the amount and date to look for.
• Resolving disputes. If a customer insists they paid, the POP helps you trace the payment with your bank.

Reduce reliance on POPs

If you're verifying dozens of POPs a week, change the payment method rather than working harder:

• Instant EFT services confirm the payment in real time at checkout, so you don't need a POP. See instant EFT explained.
• Payment links let customers pay an invoice by card or instant EFT with automatic confirmation.
• Debit orders remove the customer from the process for recurring amounts. See EFT vs debit order vs card.
• Bank feeds in your accounting or billing system make checking deposits a matter of minutes.

Internal controls for small teams

• Separate duties where possible: the person who sends invoices shouldn't be the only person who marks them paid.
• Never change supplier or company bank details based on an email alone. Confirm by phone using a number you already have. (Payment-diversion fraud via fake "change of bank details" letters is common.)
• Put your bank details on invoices and your website, and tell customers you'll never change them by email.
• Reconcile daily or weekly, not just at month-end. See how to reconcile EFT payments.

How CentraPoint helps

CentraPoint's EFT orders let customers pay by manual EFT and upload their proof of payment against a specific invoice. The payment stays pending until your team confirms the funds and approves it, with a record of who approved it and when. Reconciliation tools help match bank deposits to invoices, and customers who want instant confirmation can pay the same invoice by card or instant EFT instead. See the EFT guide.

Frequently asked questions

Is a proof of payment legally proof that I've been paid?

No. It shows that a payment instruction was made, but you have been paid only when the funds reflect in your account. Your terms can state that payment is only regarded as received once funds clear.

How long does an EFT take to reflect?

Payments within the same bank often reflect quickly; payments between different banks can take longer depending on the banks and the time the payment was made. Some banks offer faster or immediate inter-bank payments for a fee.

Can a customer cancel an EFT after sending proof of payment?

A future-dated or scheduled payment can be cancelled before it's processed. That's why you should check your own account rather than rely on the POP.

How do I spot a fake proof of payment?

Look for pressure to release goods quickly, mismatched account numbers, odd formatting and emails that didn't come from the bank. The only reliable check is confirming the deposit in your own bank account.