FSS Launches Secure3D; a Risk-Based Authentication Solution to Bolster Online Transaction Security

This stepped-up approach to customer authentication will aid in fraud control, secure online payments and deliver a frictionless transaction experience

FSS (Financial Software and Systems), a global payments technology company, has launched FSS Secure3D, its new-generation adaptive authentication solution based on the EMVCo 3DS 2.0 protocol. This award-winning product is amongst the top 20 products globally, to be EMVCO 3DS 2.0 certified.

With the growth of digital commerce, card not present fraud attacks have become more sophisticated. As stated by The Nilson Report, globally, losses from remote fraud could amount to US $44 billion by 2025 and according to industry estimates in India, between 4% and 5% of online transactions that take place are fraudulent.

FSS Secure3D extends a frictionless approach to authenticate cardholders and to safeguard customers against fraud. The solution deploys advanced machine learning algorithms to learn customer transaction behavior to detect anomalous transactions and continually adjust risk controls in line with evolving fraud patterns. Issuers can use a combination of variables including merchant, cardholder, device, location and transaction related parameters to risk score each transaction and determine if it was initiated by a legitimate cardholder. Issuers and merchants benefit in terms of improved customer experience, reduced false positives and lowered incidence of fraud.

For suspect transactions, FSS Secure3D supports a range of stepped-up verification measures including out-of-band authentication such as one-time passcodes as well as biometrics including facial and fingerprint recognition. This offers flexibility to issuers to extend the authentication process to emerging transaction touchpoints including wearables and IOT devices.

Speaking on the launch, Suresh Rajagopalan, President Retail Payments, FSS stated; “Secure and seamless transaction journeys are a strategic differentiator for new-age commerce. FSS Secure3D improves risk-based decisioning capabilities and enables issuers find the sweet spot between strengthening anti-fraud measures and delivering frictionless transaction experiences. The fact that FSS is among the first few service providers globally to achieve EMVCo certification reflects our product leadership position in the space.”

FSS Secure3D examines 150+ data elements exchanged between the merchant and the issuer to authenticate cardholders in the background. This includes spend value, volume and velocity, shopping patterns such as frequently visited stores, transaction time and location and device IP to baseline behavioral profiles and detect suspicious changes that can be a powerful indicator of illicit activity.

FSS offers Authentication As-a-Service on FSSNeT, FSS private cloud, exposing APIs to acquirers to connect to the platform. A multi-tenanted solution provides added protection, as insights into fraud patterns can be shared among participant customers. Further, an As-a-Service model unites infrastructure, technology, business and regulatory processes to provide issuers with scalable, consumption-based services that improve time to market and eliminate upfront investments.

FSS supports EMVCO 3DS 1.0 and 2.0 protocols. Customers with existing solutions can seamlessly migrate to 3DS 2.0, with minimal implementation overheads. Benchmarked to process 8,000 transactions per second, FSS Secure3D assures a faster processing time and higher sales conversion. FSS is an EMVCO member and is working with Visa, MasterCard, AMEX, and major card schemes to offer 3DS 2.0 services.

About FSS

FSS (Financial Software and Systems) is a leading global digital payments and financial technology company. The company offers an integrated payments portfolio of software products, hosted services and custom solutions built over 28+ 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 India, FSS is the payments technology partner of choice for leading global banks, financial institutions, processors, central regulators and governments across North America, Europe, Africa, Middle East, and APAC and has 2,500 experts on-board. For more information write to products@fsstech.com.