Visa Bolsters Transaction Security
Visa is beefing up its Verified by Visa authentication service. The payments network said it’s upgrading its back-end to support 3-D Secure 2.0. The 3-D Secure messaging protocol was invented by the network more than 15 years ago and has become an industry standard for online authentication.
The updated technology will enable issuers and merchants “to customize the authentication process and ensure the consumer experience is easy and fast,” Visa said. “Visa has enhanced the data transfer between merchants and issuers to use an unprecedented number of transaction attributes (e.g., device type, shipping address). This allows merchants and financial institutions to authenticate customers more accurately in real time.” That matters because such changes can reduce checkout time by 85 percent, which in turn can lead to significant reductions in cart abandonment for online and mobile shoppers, according to Visa.
Current Visa rules for merchant-attempted transactions will remain in place until April 2019, so issuers and sellers are able to test, pilot and refine the new authentication procedures. “By helping to lead the development of 3DS 2.0, we are able to offer an enhanced authentication service that makes these payments both faster and more secure,” said Mike Lemberger, senior vice president, product solutions Europe, Visa.