Page 26 - Banking Finance April 2019

PRESS RELEASE

FSS Launches Secure3D; a Risk-Based Authentication Solution to

Bolster Online Transaction Security

This stepped-up approach to customer authentication will aid in fraud control, secure online
payments and deliver a frictionless transaction experience

FSS (Financial Software and Systems), a global payments Retail Payments, FSS stated; “Secure and seamless
technology company, has launched FSS Secure3D, its new- transaction journeys are a strategic differentiator for new-
generation adaptive authentication solution based on the age commerce. FSS Secure3D improves risk-based
EMVCo 3DS 2.0 protocol. This award-winning product is decisioning capabilities and enables issuers find the sweet
amongst the top 20 products globally, to be EMVCO 3DS 2.0 spot between strengthening anti-fraud measures and
certified. delivering frictionless transaction experiences. The fact that
With the growth of digital commerce, card not present fraud FSS is among the first few service providers globally to
attacks have become more sophisticated. As stated by The achieve EMVCo certification reflects our product leadership
Nilson Report, globally, losses from remote fraud could position in the space.”
amount to US $44 billion by 2025 and according to industry FSS Secure3D examines 150+ data elements exchanged
estimates in India, between 4% and 5% of online between the merchant and the issuer to authenticate
transactions that take place are fraudulent. cardholders in the background. This includes spend value,
FSS Secure3D extends a frictionless approach to volume and velocity, shopping patterns such as frequently
authenticate cardholders and to safeguard customers visited stores, transaction time and location and device IP
against fraud. The solution deploys advanced machine to baseline behavioral profiles and detect suspicious changes
learning algorithms to learn customer transaction behavior that can be a powerful indicator of illicit activity.
to detect anomalous transactions and continually adjust risk FSS offers Authentication As-a-Service on FSSNeT, FSS private
controls in line with evolving fraud patterns. Issuers can use cloud, exposing APIs to acquirers to connect to the platform.
a combination of variables including merchant, cardholder, A multi-tenanted solution provides added protection, as
device, location and transaction related parameters to risk insights into fraud patterns can be shared among participant
score each transaction and determine if it was initiated by customers. Further, an As-a-Service model unites
a legitimate cardholder. Issuers and merchants benefit in infrastructure, technology, business and regulatory
terms of improved customer experience, reduced false processes to provide issuers with scalable, consumption-
positives and lowered incidence of fraud.
based services that improve time to market and eliminate
For suspect transactions, FSS Secure3D supports a range of upfront investments.
stepped-up verification measures including out-of-band FSS supports EMVCO 3DS 1.0 and 2.0 protocols. Customers
authentication such as one-time passcodes as well as
with existing solutions can seamlessly migrate to 3DS 2.0,
biometrics including facial and fingerprint recognition. This
with minimal implementation overheads. Benchmarked to
offers flexibility to issuers to extend the authentication process 8,000 transactions per second, FSS Secure3D assures
process to emerging transaction touchpoints including a faster processing time and higher sales conversion. FSS is
wearables and IOT devices.
an EMVCO member and is working with Visa, MasterCard,
Speaking on the launch, Suresh Rajagopalan, President AMEX, and major card schemes to offer 3DS 2.0 services.

26 | 2019 | APRIL | BANKING FINANCE