What are the benefits of 3D Secure?
3D Secure helps to prevent fraud in online credit and debit card transactions. And that’s the main advantage of this solution. What about the other benefits?
Technically, the term 3D Secure refers to 3 Domain Server. The name is given because it involves three parties that are the key figures in the whole 3D Secure process. These include:
- The merchant company that is selling the item being purchased.
- The bank of the company which is also known as the acquiring bank.
- Finally, it is the issuer of the card that is commonly either VISA or the MasterCard.
The scheme is a collective effort launched and initiated on the desire of Verified by VISA (VBV) and MasterCard Secure Code (MSC). It is the most up to date fraud prevention method that is available in the world of online marketing and business.
Today 3D Secure is also acclaimed for being the sole fraud prevention scheme that gives extra cover to the transactions that are verified with the help of checks to give additional protection.
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3D Secure is a security protocol to prevent fraud in transactions with credit and debit cards online. Currently, this service is provided by Visa and MasterCard under the name Verified by Visa and MasterCard SecureCode, respectively.
3D Secure authentication
Over the last few years the ecommerce and online business has become highly popular. It has grown to a greater extent due to its ease, flexibility and convenience. With this, the use of credit cards has increased considerably. Just like with everything, there are pros and cons related to the credit card system. Many people claimed about the hacking, misuse and similar illegal usages of the credit cards. To have a safe, secure and hassle free online merchandising a new system was introduced with the title 3D secure. The system was XML based protocol that was introduced to ensure the protected use of the credit cards.
The 3D Secure authentication is an additional scheme that can help in fraud prevention. Today, this scheme is made available to all those companies that are making use of the payment gateways like SecurionPay for processing transactions. In this scheme, the shoppers create a secure password for their credit card being used. At the time of every transaction the password is verified with the help of a site that supports the scheme. Thus, extra protection is ensured on online transaction.
3D Secure benefits for merchants
3D Secure comes with many benefits for merchants, as well as for their customers. It makes online shopping safer, builds company’s credibility, and improves brand loyalty. Here’s the list with another advantages:
- Liability shift
The fundamental use of this system for the online companies using the 3D Secure scheme is the assurance of the shift of liability on every transaction that is successfully verified. Once the liability assumption is completed, the card issuers offer protection. In this case it becomes the responsibility of the vendors to get the confirmation regarding the terms and conditions related to the liability shifts.
- Reducing the risk of fraud
3D Secure reduces not only the risk of fraudulent transactions, but also the risk of disputed transactions. The additional security layer may decrease the number of completed transactions, but it makes your payments safer.
- No extra costs
When you choose the payment gateway, find the one that doesn’t require extra costs for adding 3D Secure onto your account.
To sum up, the 3D Secure system is an innovative way of keeping it secure and still using the best available online merchant facilities.
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