Tuesday, 30 November 2021 11:20

Eftpos flicks switch on 'world-class AI anti-fraud technology' to fortify online shopping security

By

A powerful new Artificial Intelligence-driven counter-fraud capability designed to stop online crooks in their tracks was today switched on by Aussie debit payments scheme eftpos, as the organisation "doubles on security smarts to help level the battlefield for consumers, merchants and crime fighters."

Eftpos. It is Australia’s sovereign domestic debit payments scheme, and it is using the power of AI to make digital payments safer.

eftpos CEO, Stephen Benton, said "the shift to AI-driven predictive fraud scoring is a crucial milestone in the evolution of Australia’s digital payments ecosystem and brings to life features designed to keep Australians safe in the Digital Economy."

eftpos says its "new sovereign online capability, which includes dedicated Australian counter-fraud measures, follows the Reserve Bank of Australia’s decision in October that Australian banks are expected to offer and promote Least Cost Routing (LCR) in online by the end of 2022."

Benton added: “This built-for-purpose fraud detection engine uses artificial intelligence and machine learning to bolster security for eCommerce and is part of a $100m eftpos funded digital upgrade to deliver the next generation of secure payments technology.

“The anti-fraud capability has widespread support from banks and FinTechs across the country and will scale quickly in the Australian market next year to provide real benefits for merchants and consumers as eftpos online market penetration grows.

“eftpos’ extension further into online payments will quickly drive much needed large-scale competition and place downward pressure on transaction costs. Currently we are well known as the lowest cost debit payments provider for retailers and small businesses at physical shops, and we want to develop the same reputation in the online environment.

Benton continued: "eftpos’ security kit bag now includes the new security engine, two factor authentication (3DS), tokenisation, enhanced Disputes and Chargebacks capability and a digital identity solution, connectID."

Before today’s announcement, eftpos reminds us its service "was already available in online for some Card On File payments where banks have implemented the service for their merchant customers, and Deposits and Withdrawal payments via the Beem It mobile wallet. Since launching the eftpos digital service that enables LCR last year, it has been subject to zero fraud."

So, what is more background, and what is added details on Featurespace?

eftpos explains its new online counter-fraud capability "comes as part of a partnership with global leader in financial crime prevention, counter-fraud scoring and integrity intelligence Featurespace, based in Cambridge England, which was co-founded by Australian National University engineering and information technology alumni Dave Excell."

Excell said employing self-learning technology to accurately predict individual behaviour in real time is the only meaningful way to protect people and organisations from the rising threats of fraud and financial crime, adding: "We are honoured that eftpos has put their trust in Featurespace to help provide a safe and secure payments environment for Australia’s increasingly digital economy."

Featurespace bills itself as "the world leader in Enterprise Financial Crime prevention for fraud and money laundering. Featurespace invented Adaptive Behavioral Analytics and Automated Deep Behavioral Networks, both of which are available through the ARIC Risk Hub, a real-time machine learning platform that risk scores events to prevent fraud and financial crime.

"ARIC Risk Hub is relied on to catch new fraud attacks and identify suspicious activity in real-time by more than 70 major global financial institutions. Publicly announced customers include HSBC, TSYS, Worldpay, NatWest Group, Contis, Danske Bank, ClearBank, AK Bank and Permanent TSB."

 


Please join our community here and become a VIP.

Subscribe to ITWIRE UPDATE Newsletter here
JOIN our iTWireTV our YouTube Community here
BACK TO LATEST NEWS here

PROMOTE YOUR WEBINAR ON ITWIRE

It's all about Webinars.

Marketing budgets are now focused on Webinars combined with Lead Generation.

If you wish to promote a Webinar we recommend at least a 3 to 4 week campaign prior to your event.

The iTWire campaign will include extensive adverts on our News Site itwire.com and prominent Newsletter promotion https://itwire.com/itwire-update.html and Promotional News & Editorial. Plus a video interview of the key speaker on iTWire TV https://www.youtube.com/c/iTWireTV/videos which will be used in Promotional Posts on the iTWire Home Page.

Now we are coming out of Lockdown iTWire will be focussed to assisting with your webinatrs and campaigns and assassistance via part payments and extended terms, a Webinar Business Booster Pack and other supportive programs. We can also create your adverts and written content plus coordinate your video interview.

We look forward to discussing your campaign goals with you. Please click the button below.

MORE INFO HERE!

INTRODUCING ITWIRE TV

iTWire TV offers a unique value to the Tech Sector by providing a range of video interviews, news, views and reviews, and also provides the opportunity for vendors to promote your company and your marketing messages.

We work with you to develop the message and conduct the interview or product review in a safe and collaborative way. Unlike other Tech YouTube channels, we create a story around your message and post that on the homepage of ITWire, linking to your message.

In addition, your interview post message can be displayed in up to 7 different post displays on our the iTWire.com site to drive traffic and readers to your video content and downloads. This can be a significant Lead Generation opportunity for your business.

We also provide 3 videos in one recording/sitting if you require so that you have a series of videos to promote to your customers. Your sales team can add your emails to sales collateral and to the footer of their sales and marketing emails.

See the latest in Tech News, Views, Interviews, Reviews, Product Promos and Events. Plus funny videos from our readers and customers.

SEE WHAT'S ON ITWIRE TV NOW!

BACK TO HOME PAGE
Alex Zaharov-Reutt

Alex Zaharov-Reutt is iTWire's Technology Editor is one of Australia’s best-known technology journalists and consumer tech experts, Alex has appeared in his capacity as technology expert on all of Australia’s free-to-air and pay TV networks on all the major news and current affairs programs, on commercial and public radio, and technology, lifestyle and reality TV shows. Visit Alex at Twitter here.

Share News tips for the iTWire Journalists? Your tip will be anonymous

VENDOR NEWS