FSS (Financial Software and Systems), a provider of digital payment technology has released a new risk-based authentication solution to improve online transaction security.
Its FSS Secure3D solution uses machine learning algorithms to understand customer transaction behaviour and detect anomalous transactions, and continuously adjust risk controls to meet evolving fraud patterns. Users can implement a variety of parameters including merchant, cardholder, device, location and transaction, to build a risk score on each transaction and identify it is legitimate or not.
At the point of transaction, the technology examines more than 150 data elements in the background, to verify the deal. Some of the information analysed include spend value, volume and velocity, shopping patterns, transaction time and location and device IP. This helps to build a standard baseline for the customer and streamline the detection of anomalies
If a transaction is suspicious, the FSS Secure3D solution can utilise increased verification measures including one-time passwords, fingerprint scanning or facial scans.
FSS president retail payments Suresh Rajagopalan said, “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.”
There have been a number of companies looking to secure the online payment space over recent months. Last month, nsKnox raised $15m to support the development of its real-time platform which helps companies’ beat cyber-fraud, data manipulation around payments.
Payment processing software company SafeCharge, also recently looked to secure payments with the launch of new eKYC tools.
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