Entrust, a leading provider of trusted identities, payments and data protection, has announced a partnership with Netcetera, a leading 3 Domain Secure (3DS) provider, to help financial institutions combat fraud associated with card-not-present (CNP) transactions.
The combined solution allows issuing banks to perform real-time risk analysis of online transactions based on a wide range of factors, and then to challenge the user with Strong Customer Authentication if a CNP transaction surpasses the risk threshold.
The 3DS specification was developed by the card payment industry to strengthen security without adversely impacting the consumer experience. It brings together advanced transaction fraud risk analysis with modern authentication mechanisms such as mobile, while also supporting traditional mechanisms like physical tokens. The Netcetera partnership enhances this capability and works with the Entrust Identity portfolio – in the cloud and on premise. The joint solution enhances confidence in transactions and meets PSD2 compliance criteria for payments in Europe.
“The combination of our technologies enables consumers, merchants and banks to rest easier knowing that potentially fraudulent transactions are being spotted and challenged,” said Christian Waldvogel, Management Team Secure Digital Payments at Netcetera. “By partnering with Entrust, we are supporting the global shift to ecommerce channels by improving confidence in online purchases with a high performing and reliable system.”
“With global e-commerce transaction growth expected to surpass 20 percent in 2020, there has been a corresponding surge in digital payments adding to the number of fraudulent CNP transactions,” said James LaPalme, Vice President and General Manager, Identity Solutions at Entrust. “By partnering with Netcetera, we can more effectively stop fraud before it happens by providing step-up authentication and give consumers the trust they need at the time of conducting the transaction.”
Entrust Identity offers a range of 3DS and PSD2 compliant authenticators, allowing organizations to provide consumers the best authentication experience possible. Authenticators include Mobile Smart Credential, Mobile Smart Token, Challenge Response Token, Camera Token, and SMS DL OTP.
For more such Updates Log on to https://fintecbuzz.com/ Follow us on Google News Fintech News
