It's official: cheques are to be phased out in Australia by 2030, whilst physical cash payments are heavily decreasing against the backdrop of digital payments and online transactions skyrocketing to become the norm. So, as cyber threats continue to evolve, safeguarding cardholder data and customer accounts is of utmost importance. With the recent $23.4 million cash injection into cybersecurity as part of the Australian 2023-2024 Budget, there’s never been a better time to talk about, innovate, and adopt digital security measures. As a digital-first platform, we recognise the importance of maintaining robust privacy and data-protection measures for every customer. Keep reading to delve into the concept of 3DS, its benefits, how it works, and how Cape leverages this process.
The primary purpose of 3D Secure is to provide an additional layer of security for online payments, protecting both merchants and consumers. By implementing 3DS, merchants can significantly reduce the risk of fraudulent transactions. These measures not only provide an added layer of protection but also ensure a deeper trust in one’s account integrity and peace of mind for all cardholders, merchants, and card-issuers.
Here are some key benefits:
Merchants will indicate whether they require 3DS authentication during the checkout process. When making an online payment, you may encounter a pop-up or redirection to another page. This helps authenticate your identity and ensure the transaction is from you and not a fraudster.
Every single Cape card leverages 3DS through our processing provider, Thredd, and their use of Cardinal Commerce, which provides real-time 3DS enrolment and an authentication service known as Real-time Data eXchange (RDX). Through Thredd and our partnership with Mastercard and Mastercard SecureCode / Mastercard Identity Check, we ensure that you and your employees that are Cape cardholders are secured and authenticated via a range of various authentication factors. Read below to learn how these work.
Thredd offers multi-faceted forms authentication with specific factors. These fall under two umbrella terms: Risk-Based Authentication and Strong Customer Authentication:
3D Secure is crucial to securing online payments in this digital age, so card-issuers like Cape can offer increased security, liability protection, and improved consumer confidence. As more merchants mandate 3DS authentication during checkout processes, this helps verify the cardholder's identity and protect against fraudulent transactions. With the two main methods of authentication, Risk-Based Authentication (RBA) and Strong Customer Authentication (SCA), implementing 3DS can help foster a safer online payment experience for all stakeholders and ensure peace of mind for all.
We know how important security is online. That’s why all Cape cards come with 3D Secure enabled out of the box. Which means that you can stay focused with building relationships with your customers while we focus on keeping your funds safe.
If you want to find out more about the features Cape offers then book a demo with us.