29 May 2017
register for the webinar

Swisscard implements Entersekt Transakt 3D-secure tech

26 August 2014  |  2351 views  |  0 Source: Entersekt

Entersekt, an innovative pioneer in transaction authentication, announced that Zurich, Switzerland-based Swisscard AECS AG has implemented its mobile application Transakt to enable safer, more user-friendly 3-D Secure protection of online purchases.

Swisscard is a joint venture between Credit Suisse AG and American Express.

Designed to serve as an added layer of security for e-commerce purchases, 3-D Secure has significantly reduced fraud rates, but has proved unpopular with consumers and merchants owing to the cumbersome user experience of many current implementations. Entersekt's card-not-present authentication solution reinvents the 3-D Secure user experience by enabling consumers to authenticate purchases through their mobile device with the touch of a button.

When shoppers registered for the service initiate a transaction on a 3-D Secure e-commerce web site, they receive a push message on their mobile phone with the payment details. They then authorize the payment, outside of the browser, with a simple “Accept” or “Reject” response. The solution significantly boosts security and eliminates the need to remember complex static passwords or retype one-time passwords.

“As EMV continues to expand overseas, including impending adoption in the U.S., fraudsters are increasingly directing their attention toward card-not-present online transactions,” said Kenneth Eales, head of risk services at Swisscard and executive sponsor of the project. “Swisscard’s partnership with Entersekt enables us to enrich our customer experience by eliminating use of passwords, which are less convenient and less effective against certain forms of fraud, in favor of an advanced one-touch mobile authentication process.”

“Consumers are becoming more reliant on digital technology to meet their shopping needs, and Entersekt saw an opportunity to significantly boost customer satisfaction by overhauling existing 3-D Secure customer registration and authentication processes, which were time-consuming and inefficient,” said Christiaan Brand, chief technology officer at Entersekt. “Transakt eliminates reliance on vulnerable passworakt eliminates reliance on vulnerable password-based security and leverages the user’s mobile device for streamlined authentication. This promises to reduce abandonment rates for online purchases while maintaining 3-D Secure fraud prevention standards.”

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related company information

Credit Suisse

Related blogs

Create a blog about this story (membership required)
Download the paper nowvisit www.ebaday.comvisit www.response.ncr.com

Top topics

Most viewed Most shared
BBVA launches Open API marketplaceBBVA launches Open API marketplace
14198 views comments | 53 tweets | 82 linkedin
Bank/fintech collaboration can take transaction banking to new heightsBank/fintech collaboration can take transa...
8066 views comments | 12 tweets | 24 linkedin
R3 raises $107mR3 raises $107m
7576 views comments | 16 tweets | 16 linkedin
TransferWise launches multi-currency business bank accountsTransferWise launches multi-currency busin...
7385 views comments | 12 tweets | 21 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job