Payments Security

Securing Digital Transactions in SEA

fsssiteadmin — Wed, 08 Dec 2021 12:02:24 +0000

Securing Digital Transactions in SEA fsssiteadmin Wed, 12/08/2021 - 17:32

FSS and Okay Partner to Strengthen Authentication for Digital Transactions

admin — Wed, 06 Jan 2021 06:01:21 +0000

FSS and Okay Partner to Strengthen Authentication for Digital Transactions admin Wed, 01/06/2021 - 11:31

Chennai (India) and Oslo (Norway), 6th January 2021: FSS Technologies (Financial Software and Systems), a global payments technology company and Okay announced today their partnership to provide focused authentication security to consumer payments - specifically transaction validation and authentication on mobile.

FSS is already growing its business opportunities in Europe through its next generation products technology and solution offerings. As a market leader in payments, the company is focusing on leveraging its global expertise to deliver new propositions in the areas of Prepaid, Debit and Credit Card Management, Omni-channel Acquiring, AI-based Payments, Strong Customer Authentication, and Smart Reconciliation solutions.

With Strong Customer Authentication (SCA) projects undertaken globally with particular emphasis in Europe, this partnership will enable FSS to further its footprint within SCA support and ensure that customer’s own authentication capabilities are future-proofed to meet not only the demands of regulators but ever sophisticated fraudsters. As recently highlighted by the UK Consumer Association, there are ever increasing numbers of at-risk devices globally and with the demands generated through the adoption of the PSD2 measures, the correct management of SCA is of growing importance.

Said Fabien Ignaccolo, CEO Okay speaking on the occasion, said: “It’s within our DNA to continuously power our offering and we do this by bringing the best tech vendors on board as partners. FSS is an obvious choice; they are aligned with our values, are a globally established player and can provide their expertise to help us execute – rapidly – for our customers. By blending our know-how in the mobile-SCA area with FSS’ own offering we can super-power our approach and go beyond ‘just securing the transaction info and authentication’ to the refinement of the A to Z of the customer payment experience”.

“The adoption of Strong Customer Authentication (SCA) remains a critical success factor in Europe’s growing digital payments landscape,” commented Simeon Miles, FSS’ Head of UK, Ireland and Nordics. “But with the adoption of SCA in a constant state of evolution – as evidenced by the latest recommendations surrounding OTP and Mobile, it’s vital that our customers are ahead of the curve with the solution that we provide. Our partnership with Okay, with their expertise in the SCA mobile space, fully rounds out our offering and makes for a compelling proposition here in Europe”.

Together, both parties will work towards protecting consumers’ online and mobile purchases. By optimising the customer experience and enabling effortless payments, issuers can improve revenues whilst further assured security improves the basket size of transactions.

Simeon adds, “With our authentication headset and know-how, as best illustrated by our Secure 3D offering and Okay’s future-proofed algorithmic based offering, this partnership will give our clients a competitive edge in customer experience, ultimately reducing false positives (including the dreaded cart abandonment ) whilst maintaining the lowest possible fraud level”.

The partnership with Okay is already creating attention from their joint customer base and will be “an exciting partnership with an unrivalled offering”, according to the Emerging Payments Association, Director General, Tony Craddock.

About FSS
Financial Software and Systems (www.fsstech.com) is a leader in payments technology and transaction processing. The company offers an integrated portfolio of software products, hosted payment services and software solutions built over 29+ years of experience. FSS, end-to-end payments products suite, powers retail delivery channels including ATM, POS, Internet and Mobile as well as critical back-end functions including cards management, reconciliation, settlement, merchant management and device monitoring. Headquartered in Chennai, India, FSS services leading global banks, financial institutions, processors, central regulators and governments across North America, UK/Europe, ME/Africa, and APAC and has 2,500 experts on-board. For more information visit www.fsstech.com

About Okay
Okay is the fully compliant « Strong Customer Authentication » platform that provides transaction and authentication security via banking apps. Okay helps all European issuers, eWallet providers and remittance services comply with PSD2 SCA’s requirements to deliver both authentication methods- including biometrics for frictionless journeys- and strong security at the point of transaction by integrating security services to their apps. Okay’s unique security mechanisms shield the authentication process during in-app transaction from any cyber-attacks, however sophisticated they may be. With Okay SCA in place, end-users can be sure that the transaction information they see in the app is the right one to validate.

Media coverage: https://ibsintelligence.com/ibsi-news/fss-teams-up-with-okay-to-offer-authentication-security-for-digital-payments/

For more information visit www.okaythis.com

Media Contacts
For FSS : Louise Herbert /louiseherbert@fsstech.com / +32 476 81 13 92

For Okay : Ingrid Nes /ingrid@okaythis.com / +47 913 59 148

Say YES to the Future of Digital Payment Security

admin — Thu, 26 Dec 2019 05:33:43 +0000

Say YES to the Future of Digital Payment Security admin Thu, 12/26/2019 - 11:03

As the fastest growing area of payments, digital commerce has enabled consumers to use their connected devices as payment devices. Browsers, mobile apps and connected devices – have opened up newer avenues of payment. Gartner estimates that by 2022, the number of connected devices will exceed 20 billion.

In such an exponentially expanding scenario, combating fraud through accurate verification of identity becomes both critical and challenging. It is vital that organizations invest in newer strategies and solutions that prevent fraud without impacting speed and ease of customer experience. In this context, 3-D Secure 2.0 is an important protocol that can accelerate authentication in digital commerce with high speed and security.

What does 3-D Secure 2.0 actually do? How does it assure better and more effective fraud-detection through intelligent identity verification?

While 3-D Secure has been around for quite some time now, the new 2.0 version offers frictionless payment experience for users and improved decisioning and real time scoring for financial institutions. Merchants can send multiple transaction attributes to enable the issuer authenticate customers more accurately and intelligently - without slowing down the transaction experience.

3-D Secure 2.0 places the user at the core of its operations. The new 2.0 protocol facilitates data exchange between the merchant, cardholder and issuer for greater accuracy, but without the requirement of static passwords. Friction in the payment workflow is thus minimized on all devices. Abandonment rates get significantly reduced, thanks to better user experience. And when biometric methods (such as face or voice recognition) are introduced when required, not only does the authentication become more secure, they also create a better consumer experience.

With looming timelines of mandatory compliance to EMVCo 3D Secure 2.0 guidelines (by both Mastercard and VISA), 3-D Secure 2.0 issuers will need to

Use the new message formats to process the authentication workflow.
Deploy new user interfaces (in App and HTML versions).
Execute risk-based authentication with available data.
Set up new security measures.

At FSS, we have enabled numerous banks and processors in Europe, Africa, Middle East and Asia to go live with our FSS Secure3D As-a-Service offering. Our model assumes responsibility for risk-assessment, interchange and regulatory compliance, reporting and security. Issuers and merchants can thus more efficiently detect fraud patterns and make better informed authentication decisions. What’s more, we have embedded biometric, facial and voice recognition in our solution.

We believe that EMV 3-D Secure 2.0 will provide enhanced opportunities to increase security and fight fraud. With its focus on continued improvements in payments security and seamless digital payment experiences, this is indeed a win all situation for end-users, issuers, merchants and acquirers.

Author
Philip George
Head Sales and Business Development, Canada

The Best of both Worlds: Security and User Experience

admin — Sun, 15 Sep 2019 05:26:47 +0000

The Best of both Worlds: Security and User Experience admin Sun, 09/15/2019 - 10:56

Globally e-commerce is booming. According to industry estimates digital commerce is projected to grow at a 20% CAGR to reach $5.8 trillion by 2022. At the same time fraud losses are mounting. According to Juniper Research, global online fraud losses from e-commerce and various online commerce and banking services is expected to increase from $22 billion in 2018 to $48 billion in 2023. This sets up a massive challenge for the industry - as consumers grow accustomed to a mobile and digital-first payments world they also need a secure ecosystem of merchants and providers, and minimal inconvenience and friction. The same can be said for merchants – they want better security but not at the cost of a poor customer experience. In essence no one wants to tradeoff security, convenience, and a great user experience.

This is where 3D Secure 2.0 comes in. Introduced to address ‘card-not-present’ (CNP) transactions in a world where online and mobile payments are increasingly more important, this new security specification and standard improves cardholder authentication and satisfaction and helps merchants grow sales and revenue.

Broadly speaking, 3D Secure 2.0 is an additional security layer that facilitates the exchange of 150+ data elements between the merchant and card issuer for more robust authentication, better digital security, and more complete transactions.

At FSS, we have optimized the balance between security and user experience. FSS Secure3D is a secure real-time risk-based authentication solution built on EMVCo 3DS 2.0 specifications. Using a combination of location, merchant, transactional and device related attributes, it examines rich data streams exchanged between merchants and card issuers to risk-score transactions and authenticate and validate cardholder identity.

Implausible travel velocity (a user logs in from New York, within 10 minutes of logging in from Mumbai, India).
Repeated log in attempts by same device at multiple sites within a brief time span.
A mismatch between the user’s home and the shipping addresses.
Merchant risk score based on business category, transaction patterns, chargeback volumes, and refund history.
Transactions originating from high-risk countries – and from cancelled cards.
Suspicious combinations of computer locale settings (e.g., a browser’s locale set to the US with the OS locale set to an Asian country and a device’s IP address physically located in Latin America).

Across Europe, Africa, Middle East, and Asia, FSS Secure3D As-a-Service offering has enabled banks, card issuers, merchants, and processors to efficiently address security, risk-assessment, interchange and regulatory compliance, and reporting. Card issuers and merchants can accurately detect fraud patterns and make better informed authentication decisions without inconveniencing cardholders.

3D Secure 2.0 is a win-win offering for the industry. Card issuers can make smarter decisions through risk-based authentication using contextual transaction data and the merchant’s and cardholder’s risk profiles. Ultimately this leads to more complete digital commerce transactions, more satisfied cardholders, higher merchant sales, and lower fraud losses.

For high risk transactions, FSS Secure3D dynamically provisions additional verification checks such as biometric-based identification or a one-time passcode. This renders 100% challenge rates obsolete, enabling issuers and merchants to strike the right balance between security and customer convenience. A select list of high-risk scenarios supported are:

About FSS
FSS (Financial Software and Systems) is a leading global digital payment and financial technology company. The company offers an integrated portfolio of software products, hosted payment services and software solutions built over 27+ years of experience. FSS integrated payment products suite powers retail delivery channels including ATM, POS, Internet and Mobile as well as critical back-end functions including cards management, reconciliation, settlement, merchant management and device monitoring. Headquartered in Chennai, India, FSS services leading global banks, financial institutions, processors, central regulators and governments across North America, Europe, Middle East, Africa and APAC and has 2,500 experts on-board.

For more information write to products@fsstech.com

Media Contact
FSS Corporate Communications
corpcomm@fsstech.com