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First Atlantic Commerce launches 3-D Secure 2 (3DS2) technology to combat online fraud and reduce chargebacks

3DS2 is live with Card Not Present gateway, First Atlantic Commerce

Hamilton, Bermuda –May 5, 2022. First Atlantic Commerce (FAC), the premier online payment solutions provider in the Caribbean and Central America, today announced that it now supports full transaction processing support for 3DS2, a multi factor Authentication security protocol developed by EMVCo, the global technical body that facilitates worldwide interoperability and acceptance of secure payment transactions.

FAC’s 3DS2 technology originally went live in late 2020 as a standalone solution in support of its European clients to meet the requirements of the EU’s Payment Services Directive 2 (PSD2).

3DS2 authenticates cardholders in real-time during the online checkout process to reduce fraud, and ultimately chargebacks, without causing friction in the transaction process.  The technology is now also available to merchants through FAC as part of the payment transaction.

FAC is a Bermuda-based, feature-rich payment gateway that delivers customized and flexible online credit and debit card processing to companies across the Caribbean and Central America. The company also provides the first and only PCI validated P2PE solution for companies in the Latin American Caribbean Region as well as additional risk mitigation solutions to its merchants, banks and other gateways.

The 3DS protocol connects merchants, card networks and acquiring banks to authenticate transactions and share data. Originally developed in 2001 to provide a cardholder authentication process for online purchases, the new technology collects roughly ten times more data during authentication allowing for a detailed risk assessment in real time. Based on the assessment, according to a Visa case study, 90 percent or more of the transactions pass into a frictionless flow allowing the transactions to process unchallenged.

Benefits of 3D Secure 2

  • Reduced friction and faster checkout process
  • Embedded authentication process without redirects
  • Reduced shopping cart abandonment
  • Reduced fraud

Ronnie Viera, FAC’s COO said: “We are pleased to support 3DS 2. The solution helps merchants reduce fraud risk and delivers a superior checkout experience for their customers. It helps improve conversion by making checkout frictionless – both faster and easier for cardholders.”

The full transaction processing solution went live with FAC last month and supports Visa Secure, Mastercard Identity Check and American Express Safekey.

Jorge Salum, Sr. Business Development Leader at Visa said: “Today, consumers have more options to pay electronically than ever before, so it’s a priority for us at Visa to deliver new capabilities that allow for a seamless payment experience while mitigating fraud. 3DS 2 helps issuers and merchants distinguish between legitimate and fraudulent transactions, and enables information-sharing so that customers can be authenticated quickly and accurately with minimal impact during the checkout process.”

 J.J. Kieley, Vice President of Payment Products at American Express said: “Keeping our customers safe from fraud is a top priority, and with Safekey, we strive to provide a frictionless experience that protects both our Card Members and Merchants. We’re thrilled that First Atlantic Commerce is now part of the growing ecosystem of processors implementing our 3D Secure 2.0 solution and helping keep our customers protected from fraud as they shop online.”

Jorge Arbesu-Cardona, Senior Vice-President, Cyber and Intelligence at MasterCard, Latin America and Caribbean noted: “As the world becomes more connected, knowing you are who you say you are, powers those connections and creates trust in the digital world. EMV 3DS standards can help improve authentication and Mastercard is at the forefront by enabling greater security and a consistent user-friendly payment experience with our global interoperable services.”