Entersekt, an innovative pioneer in transaction authentication, announced that Zurich, Switzerland-based Swisscard AECS AG has implemented its mobile application Transakt to enable safer, more user-friendly 3-D Secure protection of online purchases. Swisscard is a joint venture between Credit Suisse AG and American Express.
“As EMV continues to expand overseas, including impending adoption in the U.S., fraudsters are increasingly directing their attention toward card-not-present online transactions”
Designed to serve as an added layer of security for e-commerce purchases, 3-D Secure has significantly reduced fraud rates, but has proved unpopular with consumers and merchants owing to the cumbersome user experience of many current implementations. Entersekt’s card-not-present authentication solution reinvents the 3-D Secure user experience by enabling consumers to authenticate purchases through their mobile device with the touch of a button.
When shoppers registered for the service initiate a transaction on a 3-D Secure e-commerce web site, they receive a push message on their mobile phone with the payment details. They then authorize the payment, outside of the browser, with a simple “Accept” or “Reject” response. The solution significantly boosts security and eliminates the need to remember complex static passwords or retype one-time passwords.
“As EMV continues to expand overseas, including impending adoption in the U.S., fraudsters are increasingly directing their attention toward card-not-present online transactions,” said Kenneth Eales, head of risk services at Swisscard and executive sponsor of the project. “Swisscard’s partnership with Entersekt enables us to enrich our customer experience by eliminating use of passwords, which are less convenient and less effective against certain forms of fraud, in favor of an advanced one-touch mobile authentication process.”
“Consumers are becoming more reliant on digital technology to meet their shopping needs, and Entersekt saw an opportunity to significantly boost customer satisfaction by overhauling existing 3-D Secure customer registration and authentication processes, which were time-consuming and inefficient,” said Christiaan Brand, chief technology officer at Entersekt. “Transakt eliminates reliance on vulnerable password-based security and leverages the user’s mobile device for streamlined authentication. This promises to reduce abandonment rates for online purchases while maintaining 3-D Secure fraud prevention standards.”
Swisscard customers can register for Transakt at swisscard.ch/transakt. The Transakt app is available for iOS, Windows, Android and BlackBerry mobile phones. Those that register between now and September 14, 2014 will be entered to win an iPad mini device.
Swisscard AECS AG was established as a joint venture between Credit Suisse AG and American Express in 1998. Swisscard AECS AG is the only company in Switzerland to offer the world leading credit card brands American Express, MasterCard and Visa from a single source, in the name and on behalf of Credit Suisse AG. The company handles product development, sales and marketing, customer service and card processing in Switzerland on behalf of the card issuer Credit Suisse AG. As a merchant acquirer for American Express, Swisscard AECS AG’s job is to guarantee that the customers can use their card wherever they want all over Switzerland. Swisscard AECS AG manages over one million cards today, as well as the American Express network of points of acceptance within Switzerland.
Entersekt is an innovative pioneer in transaction authentication. The company’s one-of-a-kind approach combines the power of electronic certificate technology (PKI) with the convenience of mobile phones and encrypted cloud messaging to provide financial institutions and their customers with full protection from online banking fraud. With its patented security products authenticating millions of transactions globally, none of Entersekt’s clients have experienced a successful phishing attack on their systems since implementing the company’s technology. Financial institutions worldwide look to Entersekt to strengthen the all-important bond of trust they share with their customers, and to build on those relationships by introducing increasingly innovative mobile and online banking services. For more information on Entersekt, visit www.entersekt.com.