3D Secure Protection From Fraudulent Transactions
Merchant accounts are continuously vulnerable to financial frauds like the theft of identities, data infringement, etc. Account holders are owners of businesses who constantly look for security measures to provide their customers with security when they pay their accounts. Inability to provide a secure and pleasant payment experience could significantly affect the reputation of a company. Particularly in an enterprise with high risk and the risk of losing the image and the trust of the customers’ trust is always there.
Due to this 3D secure technology that eliminates all worries for worldwide merchant account holders and provides another layer of protection for daily transactions. This blog will provide diverse insights into the significance and the nature of 3D secure technology.
3D is an 3 Domain Server because this technology is comprised of the involvement of three different parties.
- Acquirer domains – They are the merchant account service provider that accepts credit card payments.
- Issuer domain is the bank which issues the credit card.
- Interoperability domain – A system of payment system which connects both the buyer to the issuer.
In 3D-secured transactions the moment an individual cardholder is able to make a purchase the network will ask for him to prove his identity by using an email with a password. The password is an SMS or PIN that is temporary code that is required to complete the transaction can’t be made.
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6 Steps to include within the 3D transactions 6 Steps included in the 3D transactions
- Card information collection
- Confirmation to confirm 3D secure enrollment
- Client is redirected to the 3D secure site of the provider
- Password-based security for authentication
- Redirection to the site
- Payment confirmation
If you’re now well-informed about the basics of what 3D means and the way it functions It is now time to know how it assists merchants in keeping from fraud and make sure they can provide security transactions.
The customer receives an email with a one-time password The reason for this is that it was stated previously that 3D technology that is backed-up transactions cannot be completed without the password sent to the user.
If a user has not made a payment, the code will be sent to his e-mail or mobile number only. In this case the customer will be aware that it’s not him. In the absence of the password the transaction is not completed therefore, the customer is able to take the appropriate step to stop fraud. The buyer can notify the merchant of the suspicious transaction, and, in turn the merchant could request his global payment processor to block the transaction.
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Merchants are able to benefit from the benefit of a liability shift the issuing bank is the sole responsible party for a transaction with this type of technology. If a consumer files an appeal for money-back, claiming that an unauthorised payment was done through his credit card, the bank issuing the card will take care of the matter. In most cases the issuing bank will take charge of refunds. Imagine how secure a business is able to feel thanks to this modern technology.
Companies that have worldwide presence, and particularly ones with high risk are always concerned regarding transaction security. However, with the 3DS security features, security and even refunds no longer pose an issue. However, it’s crucial to be aware that when the issuer of the card is able to pay for a refund ultimately, it’s the image of the company that is affected.
Effective chargeback management This 3DS technology is able to quickly identify the cause of the disputed transactions and assists in identifying suspicious transactions. Chargeback management is an additional benefits of 3 Domain Server technology that merchants are able to take advantage of. Both the merchant and their highly-risked payment processor needs to be concerned about any aspect. To ensure the financial security of their companies they can rely on secure 3D transactions.
All over the world are adopting 3D technology to ensure that their customers pay in a secure setting. A commercial revival may be able to be able to survive a substantial cost of loss. However, it won’t be sustained after losing the trust of the buyers. Goodwill is the most valuable asset of a business and cannot afford to take on the burden of losing it.
Chargebacks are always a major problem for merchants and today, they’re a lot happier since they have a solid solution available to them. If you’re a merchant as well, you will appreciate the relief to feel secure and know that fraudsters can’t hurt your customers and your business any more.
It is easy to comprehend the importance the importance of Domain Server technology for businesses. Nowadays, as the global market is becoming so fiercely competitive and demanding survival of the strongest is the only way to survive.
Over the last several years there were a lot of financial frauds occurred when paying bills. These days, the situation is improving and business owners are more secure, regardless of whether they are high-risk or low risk. They were looking for a sense of confidence, and thanks to the help of the latest FinTech such as 3DS it’s now feasible.
If you are a business owner and you haven’t streamlined your payment processes with 3DS as of yet, it’s time to think about it and choose Merchant Stronghold to handle your transactions in confidence.