Australia’s eftpos Group has taken steps to enhance the security of online payments in the nation by entering into a fraud scoring partnership and obtaining 3DS certifications.
Starting in November, these new features will be available to all Australian financial institutions, including the major banks. The initiative aims to mitigate security risks associated with online transactions while also reducing costs within the digital economy.
Eftpos has established certifications and agreements with 3D Secure providers Outseer and Arcot from Broadcom’s Payment Security Division. Additionally, a partnership has been formed with the fraud scoring company Featurespace, which will utilize its Adaptive Behavioural Analytics Risk Hub.
Stephen Benton, CEO of eftpos, stated: “These new services mark an exciting turning point for eftpos, online Australian businesses, and the Digital Economy. Banks and financial institutions will now be able to offer their customers competitive debit card payment services in sectors of the Australian economy that currently face a lack of competition and high costs.”
Over the past four years, Eftpos has invested nearly $70 million in digital initiatives, including over $30 million in rebates to support members in preparing for the implementation of digital technologies. An additional $30 million investment is planned for FY22, which includes more than $10 million in member rebates.