FSS Launches a Risk-Based Authentication Solution to Bolster Security For Digital Transactions

Stocks and Financial Services Press Releases Tuesday March 19, 2019 11:55
MUMBAI, India--19 Mar--PRNewswire/InfoQuest

FSS (Financial Software and Systems), a global payments technology company, has launched FSS Secure3D, its new-generation adaptive authentication solution based on the EMVCo 3DS 2.0 protocol. Globally, across regions, banks need to implement 3DS2.0 between 2019 and 2020. FSS award-winning product is amongst the top 20 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 $44B 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."

FSS Secure3D examines 150+ data elements exchanged between the merchant and the issuer to authenticate cardholders in the background. This includes spend value, volume and velocity, shopping patterns such as frequently visited stores, transaction time and location and device IP to baseline behavioral profiles and detect suspicious changes that can be a powerful indicator of illicit activity.

FSS offers Authentication As-a-Service on FSSNeT, FSS private cloud, exposing APIs to acquirers to connect to the platform. A multi-tenanted solution provides added protection, as insights into fraud patterns can be shared among participant customers. Further, an As-a-Service model unites infrastructure, technology, business and regulatory processes to provide issuers with scalable, consumption-based services that improve time to market and eliminate upfront investments.

FSS supports EMVCO 3DS 1.0 and 2.0 protocols. Customers with existing solutions can seamlessly migrate to 3DS 2.0, with minimal implementation overheads. Benchmarked to process 8,000 transactions per second, FSS Secure3D assures a faster processing time and higher sales conversion. FSS is an EMVCO member and is working with Visa, MasterCard, AMEX, and major card schemes to offer 3DS 2.0 services.

Logo: https://mma.prnewswire.com/media/682112/FSS_Logo.jpg
FSS Contact:
Jaideep Pawar
Global Business Head Platforms, FSS
jaideepp@fss.co.in
products@fsstech.com

Latest Press Release

The Stock Exchange of Thailand and Clearstream launch link for investment funds

Today, The Stock Exchange of Thailand (SET) and Clearstream Banking S.A., an international central securities depository, launched a joint connection to enable cross-border funds transactions. The new linkage between SET's mutual fund platform...

FE Credit Launches SECURE PLUS+, a fraud protection feature, specially designed for first time credit card users

To provide complete security and peace of mind to its valued cardholders, VPBank Finance Company Ltd. (FE CREDIT) has launched SECURE PLUS+, a comprehensive protection against fraud for all Credit Card transactions. This insurance covers unauthorized...

KTC pleases cardmembers who are runners with privileges for transactions made on www.thai.run.

Ms. Sireerat Corvanich, Vice President - Credit Card Business, "KTC" or Krungthai Card Public Company Limited, joins hands with Dr. Bunyarit Uyyanonvara, Chief Executive Officer, "ThaiRun" or Thai.Run Company Limited, in providing special privileges to...

BitHarp Introduces New Technology in Cryptocurrency Mining

Lyre Miner and Harp Miner, two recently released cryptocurrency mining rigs from www.BitHarp.com (BitHarp Group Limited), are quickly turning out to be gamechangers in the global crypto market. Within their short lifespan, these two products have shown...

Fitch Rates KASIKORNBANK#s Proposed Basel III Tier 2 USD Notes #BBB(EXP)#

Fitch Ratings has assigned KASIKORNBANK Public Company Limited's (KBank; BBB+/Stable/bbb+) proposed US dollar Basel III-compliant Tier 2 subordinated notes an expected rating of 'BBB(EXP)'. The proposed notes will be issued under KBank's euro medium-term...

Related Topics