Are you looking to improve your security and reduce the risk of fraud?
In recent years, the rise of fraudulent claims and issues has increased sharply. In 2020, fraud cost businesses an incredible $42 billion, and it is often smaller companies that are impacted the most.
If you are planning on taking your business online, then most banks in the Caribbean will mandate the use of 3D security for companies. Many merchants are still using version 1.0, but all merchants must be 3DS2 by October 2022 as 3DS1 is sunsetting. However, while 3D security is a great tool for protecting against fraud, it is not the silver bullet for protecting your business online.
Many companies mistakenly believe that by using 3D security, they will not face any chargebacks. That is not the case. There is nothing that prevents a person from doing so, which means businesses are reliant on trying to protect themselves from the front end.
3D security within the Caribbean should be seen as more of a reactionary tool that could lead to getting some liability shift on a chargeback transaction, depending on the reason code. Here at First Atlantic Commerce, we believe you should attempt to stop those transactions that could result in a chargeback in the first place.
This requires effective fraud analysis and customer authentication, and our mission is to help our clients to improve their online credit card processing and online payment solutions. We provide a wide range of secure solutions for merchants, banks, and partners across the globe, and our scalable approach ensures you can always enjoy smooth operations even during peak hours.
We know how much online fraud can impact your business, which is why we work with Kount, a leader in risk management for online payments. We can work with you to reduce the risk of fraudulent transactions, chargebacks, and unauthorized payments. Follow us on YouTube to find out more.
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