eftpos is scheduled to launch two new eCommerce anti-fraud tools later this year, aimed at helping Australians make more secure payments online.
eftpos CEO Stephen Benton said with more Australians moving their everyday spending into the digital economy, eftpos was rolling out the eCommerce capabilities to help drive competition, provide choice and enhance online payments security.
Mr Benton said an important part of this rollout was the introduction of two new anti-fraud capabilities by the beginning of November 2021:
- Network Fraud Scoring – to help financial institutions assess the risk associated with individual transactions.
- eftpos Secure (EMV 3-D Secure) – two-factor authentication for consumers, which helps reduce risk for both consumers and merchants.
These new anti-fraud tools have been in development for several years and follow the earlier introduction of enhanced security and fraud services from eftpos, including the eftpos Tokenisation service in 2016 and the upgraded Disputes and Chargebacks platform in 2017.
“This is a vital step in opening-up online payment options and not repeating the mistakes of the past when eCommerce card payments were first rolled out by others, particularly at a time when more Australians are relying on the digital economy for their everyday spending.”
The vast majority (84%*) of reported card fraud in Australia occurs in the online environment.
Read full media release here.