Australian payments consortium launches fraud prevention tool

Australian Payments Plus (AP+) has launched a new digital identity tool to protect Commonwealth Bank (CBA) and National Australia Bank (NAB) customers from fraud and identity theft.

AP+ was established following the merger of payment companies BPAY Group, eftpos, and NPP Australia.

ConnectID enables users to ask a participating business to verify their information using organisations they already trust with their data, like their bank, instead of having to repeatedly share any unnecessary data about themselves.

The new tool doesn’t see or store personal information and acts as a “bridge” between an organisation that wants to verify someone’s identity and the organisation providing that verification – something which only happens when a customer authorises it.

AP+ said the tool therefore “combines the convenience of real time identity verification with enhanced security and consent.”

“At AP+ we see ConnectID playing an important role in building trust in our digital economy,” said AP+ chief executive Lynn Kraus. “We’re partnering with proven guardians of identity documentation such as the major banks to deliver simple and safe identity verification.

“We’re keen to see ConnectID play a role in an Australian digital identity framework that brings together both the government and non-government sectors in a world-leading solution to help protect people’s data.”

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