As an ecommerce store owner, the security of the shopping experience you offer your customers is paramount. Cyber fraud and ecommerce are both on the rise, so vigilance is key in maintaining a positive experience for your shoppers. Fortunately for Truevo merchants (you could become one of them if you aren’t already!) ecommerce transactions are protected by the latest in online authentication: 3D Secure V2 (3DS V2). What does this mean for you, your customers, and your business?
We asked our Head of Ecommerce, Nick Dobson, for his insight on this development in payment authentication. “3DS V2 is a long overdue evolution to the original 3DS solution that focused on reducing fraud online. Since then, there have been 18 versions of the iPhone, and by 2022 it is expected to see a continued upward trend of all transactions being made via mobile commerce (m-commerce).”
When 3D Secure was first introduced way back in 2007, smartphones were not really a thing, meaning that shopping online was restricted to computers. Over the years, of course, shopping on our phones has become the norm. 3DS V2 is a streamlined, modern layer of security that’s optimised for the mobile shopping experience, making it even easier for people using their phones to make purchases.
“If you look at the last five years, payments technology has advanced at such a pace. Who’d have predicted 10 years ago that we’d be making payments from our mobiles phones where we authenticate via face recognition?” Nick says. “The future will only become more connected; our mobile phones will become the hub of what we do. Our homes, cars, travel, and shopping will all become frictionless mobile payment interactions. 3DS V2 lays the foundations for secure payments in all these environments.”
There’s a direct link between abandoned carts and the steps it takes to authenticate a payment. Redirecting customers and asking for additional information are both deterrents leading to higher drop-off in completing transactions. 3DS V2 mitigates this with a frictionless flow of risk-based authentication.
Now, instead of asking every customer to jump through hoops to make a purchase, behind-the-scenes, data-driven screening is taking place without the shopper knowing a thing. Now, only in the case of a suspected risk to the transaction will extra information be requested from the customer.
“The past two years have been unprecedented with the Covid pandemic which has fuelled a greater transition of merchants and shoppers to m-commerce. 3DS V2 provides merchants the security and solution required to continue their growth whilst minimising losses,” Nick says. This will make it easier for customers to make purchases, therefore decreasing cart abandonment and increasing profit.
From remote work to a personalised shopping experience, flexibility is the order of the day. 3DS V2 offers customised authentication methods for merchants, allowing shoppers to authenticate their transactions in the most convenient way for them.
Strong Customer Authentication (SCA), a European regulatory process, requires digital payments to be made more secure with biometric authentication. This goes hand in hand with the security 3DS V2 offers, and gives shoppers different ways to prove their identity: primarily with a fingerprint ID or through facial recognition.
“Acquiring has been dominated by traditional banks over the last 35 years,” Nick says. “Truevo is well placed to deliver a technology-focused offering for the future by providing merchants with a cutting edge partner to power their ecommerce stores.” 3DS V2 is the most secure solution in the world.
It’s obvious that mobile will lead the way in the digital commerce landscape of tomorrow. With various hotspots and public wi-fi zones available to shoppers, it becomes extremely important to ensure that your ecommerce site is secure, safe and frictionless. It also goes a long way to build consumer trust in your brand. And consumers buy brands they can trust. Speaking of trust.
If you’re looking for a comprehensive, secure payment solution that you can trust and one that will get you paid anywhere, any time? Get Truevo. We can’t wait to connect with you.