Starting from September 6, millions of Australians using EasyPay will notice additional new features focused on improving online payment safety. This initiative aligns with government efforts to enhance digital frameworks, specifically targeting increasing cyber threats within the finance industry. Earlier this week, EasyPay, the preferred mobile payment application for groceries and paying for utilities, accepted to the overhaul. This upgrade will be beneficial to all users irrespective of whether they use the mobile application, browser, or other third-party platform integrations.
Understanding the Need to Change
For many Australians, the payment system has come under fire for being one of the least secure methods of transaction. This, coupled with a rise in attempted breaches, specifically targeting Australia in recent months, has raised further concerns. Consumer advocates are largely in favor of the introduction of tougher security measures like two-step verification and timed alerts, claiming that it could greatly improve the safety of individuals and smaller corporations.
According to a statement made by EasyPay’s spokesperson, the rationale for the protective measures aligns with the new compliance frameworks suggested by the Australian Cyber Security Centre. Consumers have overwhelmingly expressed the desire for added protective measures and the new EasyPay changes make good on those demands,” added the spokesperson.
What Users Can Expect from September 6
The most significant change to the service EasyPay users will experience from September 6 will be multi-step verification processes or multi-factor authentication for users to log in. To put it plainly, users will require more than a simple password for signing in or validating important transactions. As part of the login process, users will now have to verify their identity using SMS codes or codes sent through authentication applications. Fraud monitoring alerts are also included as a key additional feature. Users will be sent real-time alerts for any potentially fraudulent activity on their accounts and will have the option to suspend account activities until they confirm the transactions themselves.
Checking Your Readiness
In most cases, the users will be transitioned automatically, but the following steps will be useful in ensuring a more seamless transition. Confirm your contact information: Your registered email and phone number will be the primary channels for sending verification codes. If your details are out of date, there might be delays in processing transactions. Update your EasyPay app: As of September 6, users will be able to seamlessly integrate the app. Make sure your mobile app is updated to the latest version. Enable two-step verification: For easier logins, EasyPay suggests using SMS or trusted authentication apps, that will be able to verify the users on the backend.
Industry Responses and Future Outlook
This is a positive development the banking industry as the move has now made it easier to complete payments. They have described it as a small, but critical step to securing the digital payment sphere. Cyber experts foreshadow that enhanced measures will broaden security gates, which will impact transaction speeds temporarily as Australians familiarize themselves with the new regulations. EasyPay also announced added features that could be implemented later this year, such as fraud protection which covers greater risk and biometrics for mobile user authentication.
