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What Cyber Criminals Don’t Want You To Know About Verified by Visa and 3D Secure

Online sales on Cyber Monday this year topped 1.25 billion. That makes November 28, 2011 – the biggest online spending day in history. With an increase of 22% over last year, online shopping will only continue to grow. Big cyber sales bring more cyber criminals. A well rounded fraud protection strategy for your site is more important than ever.

Mandated in much of Europe, Asia and South America, Verified by Visa and MasterCard SecureCode (also known as 3D Secure) have proven to reduce fraud by up to 40%. 3D Secure adds an extra layer of fraud protection for your online store. If you are looking to increase sales overseas, this protection is a must!

What is 3D secure?

3D Secure is an additional system of payer authentication, validation that the online shopper is the cardholder. This added layer of security allows consumers to shop online more securely. It also allows merchants to reduce their fraud risk. In exchange for adding this feature to their web store, Visa and MC provide merchants with chargeback protection, liability protection and lower interchange rates. Verified by Visa and MC SecureCode allow card holders who have signed up to create a PIN number that must be included to complete the checkout process on any site that has enabled 3D secure.

How does AspDotNetStorefront support 3D secure?

At AspDotNetStorefront we have integrated Cardinal Commerce’s Centinel Thin Client into our MultiStore 9.2 software. Cardinal Commerce is a wonderful third party 3D Secure enabler. With this integration, our customers have the option of simply turning on that feature in their AspDotNetStorefront cart and then signing up with Cardinal to enable Verified by Visa (VbV) and/or MasterCard SecureCode (MCSC) if they choose. There are potentially three scenarios an AspDotNetStorefront merchant might encounter when adding 3-D Secure to the payment processing for their site.

1. Their payment processor and/or payment gateway allows 3D Secure to be enabled…with any third party 3D secure enabling software (i.e. Cardinal Commerce) because they do not offer that feature themselves.

2. The processor/gateway offers a 3D secure environment within their system but allows the merchant to choose to use the processor’s 3D integration or a different, third party enabling software company, like Cardinal Commerce.

3. The payment gateway or processor already has software to enable 3D secure and they have designated it proprietary to their merchant accounts and will not allow an AspDotNetStorefront merchant to use anything but that proprietary software.

AspDotNetStorefront merchants will need to speak with their payment gateways to find out which option they have.

Currently 48 of the top 50 issuing banks will allow merchants to enable 3D Secure either with the banks own software or with a third party enabling software. Many banks have chosen to not develop their own enabling software, preferring third party enablers (like Cardinal Commerce) to integrate into their processing system.

Cardinal Commerce’s Centinel Thin Client is an Add-On for merchants to implement an additional piece of security for their customers. It does not replace a merchants fraud protection suite…it is only a part of it.

Visa and MasterCard assume financial responsibility for any chargeback’s that occur, liability and control the interchange rates that are charged. Cardinal Commerce allows the connection between the merchant and Visa/MC’s 3D Secure.

Cardinal Commerce charges on a month to month basis. There is a onetime set up fee and there are monthly charges based upon the volume of transactions.

While the adoption rate of card holders and merchants in the US has been slow, many countries overseas have mandates in place requiring the enabling of this additional security measure. Fraud rates show dramatic decreases in countries where 3D Secure implementation is wide spread. For our merchants who wish to expand overseas, this is a very important component for boosting consumer confidence and conversion.

Helping you to keep your customer’s data safe, build trust and protect your business are all vitally important to us at AspDotNetStorefront. We want to make it as easy as possible to set up sites that make it tough on cyber criminals AND protect your most valuable resource, your customers.


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Posted in Checkout & Payment, Integrations, Store Setup | 2 Comments

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