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."
Debit card system provider eftpos says it is on track to bring large-scale payments competition to Australia’s online retailer sector in November, with a range of additional security features now available to the payments industry.
The competition watchdog, the Australian Competition and Consumer Commission (ACCC), has concluded its investigation into Adventium - the owner of online booking platform Website Travel - after Adventium paid approximately $6.5 million of withheld payments to over 350 Australian tour operators.
There has been a marked reduction in the level of fraud experienced by its merchant customers, according to the Commonwealth Bank, but despite the drop the bank has warned that small businesses must remain extra vigilant over the festive season.
Global payments firm VISA has launched Click to Pay in Australia, what it describes as "a simpler and more secure online checkout experience".
Coles has partnered with flybuys to launch flypay, as a new way for customers to “seamlessly pay” for purchases and collect flybuys points when shopping online at selected retailers.
Online payments provider PayPal has revealed its counter-offensive against criminals who seek to take advantage of the COVID 19 pandemic, saying it is now actively working with law enforcement in Australia to identify and prevent opportunistic online crime.
eCommerce merchant losses to online payment fraud will exceed US$25 billion in 2024, up from just $17 billion in 2020, despite the ongoing implementation of Secure Customer Authentication (SCA) in Europe.
The total global transaction value of online payments for digital and physical goods will exceed US$6 trillion by 2024 – a growth of 53% from 2019, according to a new research report.
Global secure payments system Escrow.com has launched in Australia with the introduction of Australian dollar capability for online escrow payments.
Fast growing PayPal competitor Stripe has announced a $245 million round of new funding, valuing the e-payments company at $20 billion, and has concurrently announced a new global engineering hub in Singapore.
Online payments company Stripe says "adoption of rideshare and food delivery in Australia is greater than the UK and the US, but well behind regional neighbour Singapore".
Accounting software company Xero is partnering with online payments provider Stripe to expand its payment solution with automated reconciliation.
Consumer advocacy group CHOICE has warned consumers against using cardless cash when purchasing products through Gumtree.
PayPal has joined eftpos and will connect directly to the new, real time, centralised payments infrastructure, eftpos Hub, next year.
Visa has formed a strategic partnership with mobile and online payment provider Stripe to support new technologies and online payment experiences for merchants, developers and consumers worldwide.
Australian listed mobile and online payments platform and logistics software provider SmartTrans has expanded its logistics business into China on the back of a new contract to develop and supply software to automotive components manufacturer, Yanfeng Automotive Trim Systems.
Australian-based, global online payments provider eWay has sealed an expanded partnership with global eCommerce store giant, Shopify.
Security is always a concern with financial transactions conducted online and the explosion in smartphone use for everything from mobile banking, buying event tickets to paying bills means that it’s a number one priority for both consumers and financial services providers.
Eftpos has strengthened its Australian executive team with two new appointments as it aims to leverage its national payments infrastructure and bring new products and services to the market.
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