eftpos using AI to fight online shopping fraud

eftpos has launched a new AI-driven counter-fraud capability aimed at fortifying online shopping security for Australian consumers.

The AI-driven predictive fraud scoring system includes dedicated Australian counter-fraud measures for banks and fintech providers across the country.

The new system forms part of eftpos’s $100 million digital upgrade to Australia’s debit payments system.

eftpos’s new online counter-fraud capability comes as part of a partnership with counter-fraud scoring and integrity intelligence company Featurespace. UK-based Featurespace was co-founded by Australian National University engineering and information technology alumnus Dave Excell.

According to eftpos CEO Stephen Benton, the adoption of AI-driven predictive fraud scoring is a crucial milestone in the evolution of Australia’s digital payments ecosystem.

“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’s online market penetration grows,” he said.

“eftpos’s 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.”

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