E-Commerce Channels Get Better Security

Security is among the top priorities and concerns of consumers around the world. That is especially true as we welcome more cashless transactions. Fortunately, many organizations have realized the importance of cyber security. For instance, EMVCo partnered with FIDO Alliance and W3C for fraud prevention.

Secure Transactions With Cyber Security

EMVCo, which is the organization that manages and develops EMV Specifications and programs to enable card-based payments, continuously works to ensure secure payment transactions. Addressing the challenges that come with global interoperability, the organization introduced an enhanced EMV 3-D Secure (3DS) Specifications. 

The latest version is called the EMV 3DS 2.3. It aims to improve the customer experience while strengthening the capabilities of acquirers, issuers, and merchants to fight fraud across various e-commerce channels and devices. 

EMV 3DS 2.3 At A Glance

The goal of adopting EMV 3DS 2.3 is to make the overall payment experience of customers better with a streamlined authentication process. At the same time, it offers more flexibility in implementing the EMV 3DS across channels and devices. Thus, helping issuers with the identification of fraudulent transactions.

One of the most important updates of this version focuses on cyber security. In its bid to further its efforts against fraud, EMVCo worked with World Wide Web Consortium (W3C) and FIDO Alliance. The collaboration resulted in the inclusion of Web Authentication (WebAuthn) and Secure Payment Confirmation (SPC) in the EMV 3DS flow. With these, issuers or merchants can better determine if a transaction is legitimate or not.

Here are other things you can expect:

  • Expect easier implementation of EMV 3DS on traditional and non-traditional e-commerce payment channels and/or devices due to the Split-SDK model that has multiple variants.
  • The consumer authentication process is seen to be faster as the updated version supports device binding, wherein the consumers’ devices remember their authentication details. 
  • The automated out-of-band transitions will allow consumers to seamlessly switch from a merchant application to a merchant application and vice versa. 
  • There will be additional data — transaction and EMV Payment Token — to help the issuers better identify transactions. Said data will also help simplify authentication in the future.

You can learn more about EMV 3DS Specifications on the organization’s website. You can also stay updated on new developments in cyber security by subscribing to Nok Nok.

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