Atlanta, 25 Aug 2014
Entersekt, an innovative pioneer in transaction authentication, announced that Zurich, Switzerland-based Swisscard AECS has implemented its mobile application Transakt to enable safer, more user-friendly 3-D Secure protection of online purchases. Swisscard is a joint venture between Credit Suisse and American Express.
Designed to serve as an added layer of security for e-commerce purchases, 3-D Secure has significantly reduced fraud rates, but has proved unpopular with consumers and merchants owing to the cumbersome user experience of many current implementations.
Entersekt's card-not-present authentication solution reinvents the 3-D Secure user experience by enabling consumers to authenticate purchases through their mobile device with the touch of a button.
When shoppers registered for the service initiate a transaction on a 3-D Secure e-commerce Web site, they receive a push message on their mobile phone with the payment details. They then authorise the payment, outside of the browser, with a simple "Accept" or "Reject" response. The solution significantly boosts security and eliminates the need to remember complex static passwords or retype one-time passwords.
"As EMV continues to expand overseas, including impending adoption in the US, fraudsters are increasingly directing their attention toward card-not-present online transactions," said Kenneth Eales, head of risk services at Swisscard and executive sponsor of the project. "Swisscard's partnership with Entersekt enables us to enrich our customer experience by eliminating use of passwords, which are less convenient and less effective against certain forms of fraud, in favour of an advanced one-touch mobile authentication process."
"Consumers are becoming more reliant on digital technology to meet their shopping needs, and Entersekt saw an opportunity to significantly boost customer satisfaction by overhauling existing 3-D Secure customer registration and authentication processes, which were time-consuming and inefficient," said Christiaan Brand, chief technology officer at Entersekt. "Transakt eliminates reliance on vulnerable password-based security and leverages the user's mobile device for streamlined authentication. This promises to reduce abandonment rates for online purchases while maintaining 3-D Secure fraud prevention standards."
Swisscard customers can register for Transakt at swisscard.ch/transakt. The Transakt app is available for iOS, Windows, Android and BlackBerry mobile phones. Those that register between now and 14 September 2014 will be entered to win an iPad mini device.
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