Online fraud prevention company Signifyd claims its Seamless SCA solution has became the first 3-D Secure version 2.2 solution to receive all of the merchant domain EMVCo certifications.
The EU’s new strong customer authentication (SCA) rules are part of the Revised Payment Service Directive (PSD2) and was enforced on September 14. The rules require customers to verify who they are by two out three ways before buying things electronically.
There are three possible options for merchants to utilize: knowledge-based verification such as a password or a PIN, an item in possession like a credit or debit card, and, finally, biometrics which is most commonly a fingerprint. Although, biometrics could also refer to some odd stuff like heartbeats and taking photos of your veins.
With these new rules, firms have feared that they would see fewer payments going through. While Barclaycard’s data from the first period suggests that there had not been a drop, these fears are still prevalent.
Signifyd’s SCA tool was launched in August and aims to help companies comply with the new SCA rules. It is the end-result of a partnership between Signifyd and mSIGNIA, the in analytical identity for payments and the company behind a multi-factor identity authentication software.
Seamless SCA’s stamp of approval from EMVCo, the payments industry consortium that issues EMV specifications related to the interoperability and authentication of secure payment transactions, marks a major milestone for European e-commerce businesses, according to Signifyd.
Paul Miller, CEO of mSIGNIA, commented, “For four years, mSIGNIA has been a part of the original design of the 3DS2 protocol that makes it possible, for the first time ever, to have seamless fraud protection, like Signifyd’s solution, which leverages the 3DS protocol in a way that is compatible with how issuers and banks communicate and meets the dynamic linking requirements of PSD2.”
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