As of late, we’ve decided to change the name of our Sekur.MFA product to Sekur.Auth, and to fit that announcement, we’ve put together an article to explain what this product is, and what it contributes towards the industry.
If you have any knowledge of the payment industry, you will be familiar with 3D Secure, but understanding what this actually means is a whole other matter.
3D Secure, in the simplest terms, is an online security protocol created to improve the security in Card-Not-Present (CNP) transactions.
3D Secure protocols were first rolled out in 1999 to create a safer way to process e-commerce transactions. While it has been branded under many different names by different providers (Mastercard, SecureCode and 3DS, to name a few), the underlying utility remains the same.
To put it simply, 3D Secure is a mechanism for parties to exchange information between the point of transaction, the card issuer and the network itself.
By exchanging data in a consistent manner, the protocols allow participants to determine the authenticity of an e-commerce transaction more accurately.
The e-commerce market has grown substantially over the last few years, with the pandemic causing a boosted digital acceleration. It was reported that in 2020 over 2 billion people purchased goods or services online at the cost of $4.2 trillion.
But, as online sales are increasing, so too are attempts of trying to defraud the system. In a short amount of time, a major percentage of fraud has taken place online. In 2017 the Federal Reserve reported that CNP transactions were responsible for 59% of fraud despite only making up 22% of transactions.
This is happening the world over; in the first half of 2020, the UK had over 60,000 reported cases of fraud, 65% of which related to online shopping and auction fraud.
Combating fraud effectively is a top priority as online transactions become the major form of payment worldwide. Consumers must protect their money, and businesses have to safeguard their online revenue from fraudsters.
Our unique module, Sekur.Auth is a 3D Secure solution that allows merchants to validate and process 3D Secure checks before taking payments, further protecting themselves and their customers.
Our system uses the vastly improved 3D Secure 2.0, an enhanced version of the old 3D Secure protocol, offering a more frictionless payment flow across different devices. 3D Secure 2 addresses several pain points of the original protocols, including a more consistent user experience across devices and a rich data exchange to help prevent fraud. In fact, 3D Secure 2 fully integrates with a merchant’s checkout experience to support a seamless flow for shoppers.
With 3D Secure 2.0 our Sekur.Auth module can also be used for more than just transactions. With the addition of non-payment authentication, cardholders can be verified even without making a purchase, perfect for when funds are being added to e-wallets (a great alternative to charging and refunding money to validate cards!).
In light of the increasing use of mobile devices in online transactions, we also have an added mobile SDK component that allows merchants to integrate the process into their mobile apps for a flawless app experience.
The need for security in e-commerce is greater now than ever; you need an up-to-date solution that fits your needs and can be integrated into your way of working and Sekur.Auth is the solution for you.
About Sekuritance
The Sekuritance RegTech platform provides a single platform for every eGRC need, including end-to-end AML/CTF, CECL, FCPA, vendor management, beneficiary onboarding, investor check, card processing MFA checks, blockchain wallet checks, cyber-risk assessments, and other RegTech or Business Process Management requirements.
Stay tuned for more info and follow us on:
Twitter: http://twitter.com/sekuritance
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Website: https://sekuritance.com
