Australia's eftpos Group has moved to improve the security of online payments in the country through a fraud scoring partnership and 3DS certifications.
Available to all Australian financial institutions, including the big four banks, from November, the new features are designed to reduce security vulnerabilities of online transactions and lower costs for the digital economy. Eftpos has agreed certifications and agreements with 3D Secure providers Outseer and Arcot, Payment Security Division of Broadcom. In addition, a deal has been struck with fraud scoring outfit Featurespace to use its Adaptive Behavioural Analytics Risk Hub. Stephen Benton, CEO, eftpos, says: “These new services mark an exciting turning point for eftpos, online Australian businesses and the Digital Economy because banks and financial institutions will be able to offer their customers competitive debit card payments services in areas of the Australian economy that currently suffer from a complete lack of competition and high costs.” Eftpos has invested close to $70m on digital initiatives over the past four years, including paying more than $30m in rebates to members to get them ready for the rollout of digital technologies. Another $30m investment is earmarked for FY22, including over $10m in member rebates.