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Aussie debit card payment system is rolling out new anti-fraud tools

The launch is aimed at helping Australians make more secure payments online

eftpos

Aussie debit card payment system is rolling out new anti-fraud tools. Source: pixabay.com

eftpos has announced it is going to launch 2 new e-commerce anti-fraud tools in November 2021 to enhance the security of Australian businesses.

They include:

  • Network Fraud Scoring – to help financial institutions assess the risk associated with individual transactions.
  • eftpos Secure (EMV 3-D Secure) – 2-factor authentication for consumers, which helps reduce the risk for both consumers and merchants.

According to the report, the company has been developing these anti-fraud tools for several years a

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
Stephen Benton, eftpos CEO 

The press release highlights that 84% of reported card fraud in Australia occurs in the online environment. Mr. Benton said eftpos had taken a cautious approach to its entry into e-commerce, with the new anti-fraud tools.

Australia-based eftpos launched its first e-commerce service in August last year for local businesses that accept recurring card-on-file transactions from their customers.

We’ve reported that the remote employees put the cybersecurity of their workplaces under risk.

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