Trent Voigt, CEO & Founder of JetPay Solutions believes we in the industry will see a revitalised 3DSecure approach – a version 2.0 as it were – much stronger, more robust approach to fraud focusing on card users buying patterns and behaviour. Trent adds:
” The original concept of 3DSecure – which stands for 3 Domain Security – is made up of the company the purchase is made from (the Merchant) , the Issuing Bank (Bank on the Card) and Visa/Mastercard. Visa’s own version is Verified by Visa and MasterCard’s equivalent is branded MasterCard SecureCode.
The big deal with 3DS is the liability shift from merchant to the Card Issuer. If the transaction is successfully verified or the merchant attempts to verify and Card Issuer is unable to do so, then protection by the card issuers against fraud and chargebacks is assumed. Merchant subscribers to the 3DS scheme may even find their transaction charges decreasing as a result since many interchange rates decrease with 3DS in place on the transaction. All sounds great but is it enough. We at JetPay Solutions think not. The second iteration is definitely moving in the right direction though.”