PCI SSC Europe Community Meeting 2017 Afterthoughts
After an interesting week at the Payment Card Industry Security Standards Council (PCI SSC) Europe Community Meeting in Barcelona, we have some highlights for you about the future of payment security. Read on to know the key points discussed during the conference.
The key priorities for the PCI SSC are to mitigate card-not-present (CNP) fraud and pinpoint payment security areas to watch. Here are the major aspects that will drive the future of online transactions.
PCI Payment Protection Resources
The PCI SSC launched the website for small merchants with payment security resources, as they put a strong focus on getting merchants to understand the risk that comes with online transactions. They highlight the importance of addressing areas where online businesses are most vulnerable to fraud attempts and show merchants how they can leverage technology and available solutions to fight the fraud.
Resources for merchants include guidance on how to keep customer payment data safe and how businesses can mitigate the risk and prevent fraudulent activity and data breaches.
Focus on customer experience
To emphasize the importance of making merchants aware of online fraud, here’s another finding from the conference: E-commerce fraud is growing at 30% per year.
With ever-growing market requirements and new ways that fraudsters use to steal sensitive data, there’s a huge challenge not only for merchants, but also for payment providers.
Customer experience was one of the aspects highlighted during the meeting, next to the PSD2, advanced authentication, such as biometrics, and mobile payments security. These are market drivers, opportunities, and trends that help making a 3D Secure authentication more effective, as it’s now considered a conversion killer.
This is why we, at SecurionPay put a strong focus on PSD2 now, as we believe this will bring lots of new opportunities for all players involved. Moreover, we’ve decided to create our non-invasive 3D Secure with a completely new approach. This smart verification focus on user experience to make the entire payment process smooth, without interrupting it. All this helps you reduce your chargeback ratio and maintain conversions at the same level at the same time.
Improved 3D Secure
Speaking of fraud in e-commerce, it was noticed that EMV has been successful in reducing card present fraud, but it has shifted fraudsters’ focus to CNP, which is growing at a fast pace. Bearing this in mind, EMV® 3D Secure was one of the updates that were broadly discussed at the meeting.
The new 3D Secure specification addresses this problem and answers growing market requirements to stop fraudsters from succeeding. EMV® 3D Secure is considered to be more effective when it comes to preventing CNP fraud. It shows the direction for the next years to come, with support for new and future authentication methods.
Here are the main 3D Secure improvements:
- Better user experience, by reducing the number of messages required and simplifying the entire process.
- More data for authentication and security. There will be not only payment-related data, which is included in the 3D Secure 1.0, but also non-payment related data and support for new authentication methods.
- Various devices and channel support. The new 3D Secure specification is based not only on browser authentication, but makes it also possible to authenticate mobile and in-app payments, digital wallets and future channels.
Want to know more about EMV® 3D Secure? We’ll provide you with more information about it on our blog soon, so stay tuned!
To sum up, the conference was another occasion for us to realize that we’re moving in the right direction by focusing on leveraging innovations and new technologies in the changing landscape of online payments. The online market is changing rapidly, so the payment industry needs to answer ever-growing requirements.
Latest posts by Sandra Wróbel-Konior (see all)
- Transaction descriptors — Everything you wanted to know - April 6, 2018
- Visa Chargeback Regulation Changes — April 2018 - February 28, 2018
- 3D Secure 2.0 specification in a nutshell - November 27, 2017