FEB 17, 2020
Within this complex online world where everyone buys and sells products constantly, there is potentially an infinite number of threats.
Threats of your precious information being leaked. Threats of your money being stolen because someone has hacked into the merchant’s site. How do we prevent this from happening? How can merchants provide their consumers' peace of mind?
3D Secure 2.0.
But what exactly is 3D Secure 2.0? How does it work, and does it really help reduce fraudulent activities?
In this article, we will go through what 3D secure 2.0 is and how merchants and consumers can use it to their benefit.
It’s a security protocol, which aims to reduce fraudulent activity in online payments and increase security for online transactions.
This 2.0 protocol of 3D secure, has ten times more authentication steps than the old one.
It combines features from frequent payment preferences all the way to fingerprint authentication. The protocol uses everything in its arsenal to confirm that the transaction was legitimate and eliminates all possible threats.
In the authentication process, the protocol goes through major validity points to confirm that the payment was placed by the real cardholder. Here are a few of the validation points the protocol goes through:
These validation points are vital for all consumers and merchants. They create a safe environment for the user to be able to complete a purchase without having any concern about their card information being stolen.
The 3D Secure 2.0 protocol helps eliminate any suspicions the consumer might have.
It helps the consumer understand that the only way through their card details is to authenticate all their details through a simple and fast process. The protocol creates a safe space for the consumer to initiate a transaction with complete confidence.
The frictionless authentication process along with the better usability across all devices made this 3D secure protocol version a true gem.
The users do not have to worry about which device they are using, or about the time it takes to validate a transaction.
3D Secure 2.0, made the online consumer’s life easier and safer.
Not only this but, it has given the merchants that provide this service significant validity, due to the legitimacy of this authentication process.
With such a powerful protocol, the merchants that implement it have the benefit of being perceived as trusted businesses.
Being able to provide their audiences with the ultimate user experience across all devices, with no interruptions and a trustworthy payment process enhances the merchant’s profile.
Another big advantage of 3D Secure 2.0, is chargeback liability, something that its predecessor had as well.
It shifts the chargeback liability from the merchant’s account to the consumer’s bank. If there’s a chargeback or a dispute due to fraudulent activities and the consumer’s bank supports the protocol, the merchant will not be liable for the dispute or chargeback costs.
In addition, due to the omnichannel capabilities of the protocol, consumers seem to be less fond of cart abandonment. Since the experience of the consumer is so seamless and provides dramatically less false declines, the consumer can finally initiate transactions without any hiccups.
A protocol that reinforces both sides. 3D Secure 2.0 made the transaction process of both the consumer and the merchant, a journey of safety and comfort.
All in all, you can say 3D secure 2.0 is truly two times the charm of its predecessor!
To have such a reliable protocol protecting your information and enhancing your consumers’ experience, it is surely an improvement.
3D Secure 2.0 protocol is something that consumers can trust and trust is necessary in today’s online world. To know that your information is safe and secure every single time you decide to initiate an online transaction is priceless.
Here at Praxis, we value our customers and their consumers. Thus, we provide the ultimate cashier software for both ends to ensure the ultimate experience, using the latest technologies available.
Contact us and we will explain to you how you can create the perfect payment environment for your audience!
Let’s start with explaining what a PSP offers and how that’s different from a cashier. […]