Eftpos has switched on a new AI anti-fraud online capability as the Australian debit payments provider continues to expand its security features.
The new capability is underpinned by a fraud detection engine that uses AI and machine learning to predict individual behaviour in real time.
The feature was developed as part of a partnership with UK-based financial crime prevention firm Featurespace.
“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,” Eftpos CEO Stephen Benton said.
Introducing the anti-fraud capability follows Eftpos going live last week with its two-factor authentication functionality, ahead of a full rollout next year.
The rollout of these features is part of Eftpos’ five-year, AU$100 million investment it’s making on digital upgrades to its network, designed to enhance the level of protection up-front for consumers and merchants, rather than retrofitting security to legacy systems.
Other security capabilities that exist in Eftpos’ security kit include tokenisation, disputes and chargebacks capability, and its digital identity solution, connectID.
The company added that Eftpos payments are already available online for some card-on-file payments where banks have implemented the service for their merchant customers. Since launching the Eftpos digital service that enables Least Cost Routing last year, Eftpos said it has thus far been subject to zero fraud.
“Eftpos’ extension further into online payments will quickly drive much needed large-scale 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.
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