Trusted Transactions | Entersekt Blog

Trusted Transactions | Entersekt Blog

Background authentication: convenience, but at what price?

Posted by Alan Goode, managing director: Goode Intelligence

Sep 13, 2017 10:36:21 AM

There have been at least three occasions in the last couple of years when I have been anxiously trying to connect through to a bank’s fraud team contact center after having a payment declined. The most recent was at a security event in the US whilst attempting to book into my paid-for room. After nearly a day’s worth of travel and two plane changes, I was certainly not in the mood to deal with a transaction decline on a valid card with enough funds to cover the incidentals on a two-night stay. As a good customer, I was exasperated as to why I was being punished.

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Topics: Card-not-present authentication, EMV, User experience, Card-not-present fraud, Guest blogger

Lessons learned from early EMV deployments

Posted by Entersekt

Apr 16, 2015 9:30:00 AM

Payment_networksEMV has now been deployed in more than 80 countries around the world. All have seen a significant drop in card-present fraud as a result, but they have also experienced a surge in online card fraud and other card-not-present (CNP) scams.

The payments industry has learned a lot from the first global implementations of EMV technology. The most important one being that EMV is not yet able to protect consumers in the online space. Early adopters of EMV have also found that security measures aimed at heading off rising CNP fraud can disrupt the online purchasing process to the point that cardholders abandon their virtual shopping carts in droves.

Payment card leaders recognized that CNP fraud was likely to rise significantly as e-commerce took off. They sought to address the threat with 3-D Secure. This security protocol was designed to introduce transaction authorization in the online space by means of an online user authentication process, much like a signature or entering a PIN number is meant to do in the real world.

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Topics: Card-not-present authentication, EMV

Will EMV help combat growing card fraud in the US? Yes and no.

Posted by Entersekt

Mar 5, 2015 10:30:00 AM

Credit and debit card fraud is top of mind for payments industry professionals worldwide. According to a report by Mercator Advisory Group released in February 2013, the direct costs of payment card fraud for US issuers reached nearly $1.4 billion in 2012, but the total costs associated with it are estimated at more than $8 billion. Other analysts suspect that this cost is significantly underestimated because fraud losses are probably underreported. When all associated costs of fraud – such as data-breach forensics, lawsuits, undetected fraud and misclassified issuer losses – are taken into consideration, losses may actually total more than $15 billion in the United States alone.

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Topics: EMV

About Trusted Transactions

Trusted Transactions is Entersekt's blog devoted to keeping our customers, prospects and friends updated with industry news, security threats and technology advances in consumer authentication. We can protect against online banking fraud and account takeovers. Trusted Transactions brings you industry data and insights to help safeguard your online and mobile banking and payments transactions. 

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