Payment technology company Financial Software and Systems, or FSS, launched FSS Secure3D, a new-generation risk-based authentication solution based on the EMVCo 3DS 2.0 protocol. Secure3D is amongst the top 20 products globally to be EMVCO 3DS 2.0 certified and can help banks comply with the mandate. FSS Secure3D extends a frictionless approach to authenticate cardholders and to safeguard customers against fraud. The solution deploys advanced machine learning algorithms to learn customer transaction behavior to detect anomalous transactions and continually adjust risk controls in line with evolving fraud patterns. Issuers can use a combination of merchant, cardholder, device, location and transaction related parameters to risk score each transaction and determine if it was initiated by a legitimate cardholder. For suspect transactions, FSS Secure3D supports multiple stepped-up verification methods including out-of-band authentication such as one-time passcodes, as well as biometrics including facial and fingerprint recognition. This offers flexibility to issuers to extend the authentication process to emerging transaction touchpoints including wearables and IOT devices. Suresh Rajagopalan, president, Retail Payments, FSS, said FSS Secure3D improves risk-based decisioning capabilities and enables issuers find the sweet spot between strengthening anti-fraud measures and delivering frictionless transaction experiences.
