Security Market Segment LS
Monday, 22 March 2021 15:45

eftpos readies anti-fraud tools including 2FA

eftpos CEO Stephen Benton eftpos CEO Stephen Benton

Debit card system provider eftpos will launch two anti-fraud tools later this year to help make online payments more secure.

eftpos's upcoming tools are network fraud scoring (to help financial institutions assess the risk associated with individual transactions) and eftpos Secure two-factor authentication for consumers.

The plan is to roll out these tools – which have been in development for several years – by November 2021.

According to the AusPayNet Fraud Report 2020, 84% of reported card fraud in Australia occurs in the online environment.

"The introduction of these new anti-fraud services means we can extend eftpos payment options for consumers and merchants into higher risk categories of the online payments environments with confidence, and keep driving competition in this space," said eftpos CEO Stephen Benton.

"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 introduction of these enhanced anti-fraud tools completes the market-wide enablement of omni-channel processing support for purchase transactions. This allows eftpos to support transformational digital commerce experiences for all Australians."

eftpos already provides a service that allows Australian businesses that accept recurring eftpos-card-on-file transactions from their customers.

Other recent changes include support for deposit and withdrawal messages, allowing secure and low-cost real-time transfer of funds for person-to-person, business-to-consumer and government-to-consumer transactions.

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Stephen Withers

Stephen Withers is one of Australia¹s most experienced IT journalists, having begun his career in the days of 8-bit 'microcomputers'. He covers the gamut from gadgets to enterprise systems. In previous lives he has been an academic, a systems programmer, an IT support manager, and an online services manager. Stephen holds an honours degree in Management Sciences and a PhD in Industrial and Business Studies.

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