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FSS Launches Secure3D to Bolster Online Transaction Security

FSS (Financial Software and Systems), a digital payment and financial technology company, has launched FSS Secure3D, its new-generation adaptive authentication solution based on the EMVCo 3DS 2.0 protocol. The 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. According to The Nilson Report, globally, losses from remote fraud could amount to US $44 billion by 2025.  

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.”  

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