eftpos is preparing to roll out two new digital security tools, including a two-factor authentication solution for consumers, to reduce the risk of fraud in online transactions.
Several years in the making, the tools are expected to complement existing anti-fraud mechanisms like tokenisation when they come online in November.
A two-factor authentication tool, eftpos Secure, is expected to give consumer an extra layer of security when transacting online.
A separate network fraud scoring tool will also be rolled out to help financial institutions assess the risks associated with individual transactions
A spokesperson told iTnews the tool will “leverage machine learning and artificial intelligence” and “provide a network view of transactions”.
eftpos CEO Stephen Benton said the new tools would boost the company’s competitiveness in online payments security.
“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 environment with confidence, and keep driving competition in this space,” he said.
“This is a vital step in opening-up online payment options and not repeating the mistakes of the past when e-commerce card payments were first rolled out by others, particularly at a time when more Australians are relying on the digital economy for their everyday spending.”
Benton added that eftpos had taken a cautious approach to its entry into e-commerce, which began when the company launched a digital payments solution offering “online card-on-file transactions” last August.
The forthcoming tools come just weeks after the launch of a new deposit and withdrawal messaging capability on eftpos’ payments platform to facilitate peer-to-peer (P2P) transactions in real-time.
The P2P capability will initially be limited to the instant payment service Beem It, which eftpos bought from three of the 'big four' banks last year.