EMVCo, the global standards body tasked with developing the technical standards for payments technologies, last week announced the availability of 3D Secure 2.0. Collectively, we at RSA congratulate EMVCo on this eagerly anticipated release. As an EMVCo Technical Associate, we were privileged to contribute to the development of the specifications and truly believe that the new risk-based protocol will increase both fraud prevention and merchant participation rates.
What's new with 3D Secure 2.0??
- 3D Secure 2.0 is risk-based – the 100% challenge rate is no longer part of the protocol. This is validating as RSA has been a leader in promoting risk-based authentication in the CNP environment
- 3D Secure 2.0 includes new transactional attributes – this will enhance the ability to distinguish genuine site users from fraudulent ones. Our fraud prevention rates are already ~92-94%. We believe that the additional data points will help us drive the prevention rate even higher, with no negative impact on user experience
- 3D Secure 2.0 supports mobile transactions including in-app purchases – the online shopping environment has changed dramatically since the 1.0 protocol was released and in-app purchases are common
- 3D Secure 2.0 supports identity verification – e-wallet registration is an example of what the 2.0 protocol can support
- 3D Secure 2.0 is integrated into merchant checkout flow – this will give more control to the merchant and could drive adoption in merchant community
Let us know what you think of the new standards (and if you are as excited as we are)!!