eftpos turns on new anti-fraud tech to help protect online shoppers

eftpos has put the kybosh on online crooks with the release of new anti-fraud technology delivered by artificial intelligence (AI).

The new AI system created by Featurespace will help to detect fraud and deliver a more secure payment platform to eftpos customers.

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.

Dedicated anti-fraud measures to stop criminals in their tracks

“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,” Benton said.

“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.”

Lower costs expected for businesses

The move comes ahead of the Least Cost Routing mandate by Reserve Bank which is to come into effect late 2022 Benton says the eftpos extension will help drive 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 said.

Increased security from Featurespace

eftpos’ new online counter-fraud capability comes as part of a partnership with global financial crime prevention, counter-fraud and intelligence company, Featurespace,

Featurespace co-founder, Dave 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.

“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,” Excell concluded.

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