Drew Edmond’s Post

As online shopping continues to increase in popularity so too does fraud. Online fraud rates are 7 times higher than in store purchases and cyber criminals are ready to exploit exposed card numbers, causing huge headaches for cardholders and massive losses for merchants.⁣ ⁣ That is one of the reasons Mastercard is aiming to remove the use of manual card entry, passwords and one-time codes for online purchases by 2030. Instead the payments card service provider is focused on using the technology of tokenisation and biometrics to enhance security of card use online and reduce fraud. ⁣ ⁣ Tokenisation replaces your card’s 16-digit number with a secure token, reducing fraud, speeding up approvals. Not only that, according to Mastercard is can boost sales and reduce cart abandonment. Statics show that nearly two thirds of shoppers have difficulty with manual card entry, with 25% of carts abandoned because checkout is too complex or slow. Today over 30% of Mastercard transactions worldwide are tokenised with some countries such as India at nearly 100%.⁣ ⁣ Mastercard also plan to adopt secure biometric authentication which uses your device’s biometrics such as fingerprints and facial recognition, to make online payments safer and simpler. The new Mastercard Payment Passkey has been launched in India, Singapore and the United Arab Emirates to date.⁣ ⁣ And the final tool is Click to Pay which allows customers to load multiple cards onto their mobile device to enable smart and swift transactions.⁣ ⁣ John H., Director of Marketing at AIB Merchant Services, remarked, “This is a highly positive step by Mastercard toward making card payments both more secure and seamless for our customers. As technology advances, so does our capability to safeguard against fraud and improve the payment experience.”⁣ ⁣ To find out how AIB Merchant Services is protecting your business security contact our Fraud Team today www.aibms.com. #powerebyaibms #backedbyaib⁣ First Merchant Processing (Ireland) DAC, trading as AIB Merchant Services, is regulated by the Central Bank of Ireland.

History of payment card development and the two-sided nature of things Recently, there have been many cyberattacks on organizations, fraudulent and criminal scams in the field of online transactions, telecommunications... so I wish to share my experience with this issue. Since the early years of the 20th century, the first payment cards utilizing the imprint method brought significant advantages for both users and merchants, marking a positive development. However, this method also became vulnerable to exploitation by criminals, leading to instances of financial loss for banks, sellers, and users, thereby representing its downside. Then the evolution of the online card acceptance system emerged, accompanied by a structured transaction authorization process, mitigating fraud associated with the previous imprint method. This advancement facilitated the expansion of card utilization through open systems or interchange systems, resulting in a significant surge in both the volume and value of card transactions. Such growth has notably advantaged issuers, payment institutions, cardholders, and merchants alike. However, thereafter, incidents of card information theft, card counterfeiting, and BIN code attacks occurred, inflicting considerable damage on entities and elements engaged in card transactions. To mitigate losses incurred by parties in card transactions, card schemes have collectively adopted EMV security standards, incorporating personalized chips onto payment cards. Subsequently, the rapid growth of e-commerce, propelled by the evolution of the Internet, resulted in an unforeseen surge in card transactions within this digital landscape. Concurrently, fraud losses within the realm of e-commerce escalated substantially, surpassing those of other card fraud categories. In response, the 3-dimensions secure transaction process, known as 3D Secure, was introduced and refined, effectively reducing the risks associated with online transactions. This lesson of history shows that each development that brings mutual benefits is often followed by risks, notably in the form of criminal activities leveraging new models, techniques, and technologies. Subsequently, organizations emerge to develop preventive solutions, leveraging technology, processes, regulations, and other measures to mitigate these risks. Presently, the rapid digitalization and adoption of artificial intelligence applications have greatly enhanced societal benefits. However, they also inevitably present accompanying risks. . What is important is not stopping but the ability to assess and anticipate what the potential risks are and what containment measures need to be synchronized by techniques, technologies, processes and regulations... This endeavor is challenging, as it unfolds at the cutting edge of technological and intellectual innovation. It's the duality inherent in all aspects of progress.

New Post: Payments - https://lnkd.in/gpA5j7rS - Payments How do I pay for a purchase? We offers you multiple payment methods. Whatever your online mode of payment, you can rest assured that Aaksha's trusted payment gateway partners use secure encryption technology to keep your transaction details confidential at all times. You may use Debit Card, Credit Card, UPI, Internet Banking, EMI Cards, Gift Cards, and Wallet to make your purchase. We also accepts payments made using Visa, MasterCard, Maestro and American Express credit/debit cards in India and 21 other countries. Are there any hidden charges (Octroi or Sales Tax) when I make a purchase on Aaksha.in? There are NO hidden charges when you make a purchase on Aaksha.in. The prices listed for all the items are final and all-inclusive. The price you see on the product page is exactly what you pay. Delivery charges may be extra depending on the seller policy. Please check individual seller for the same. How do I pay using a credit/debit card? We accept payments made by credit/debit cards issued in India and 21 other countries. Credit cards We accept payments made using Visa, MasterCard and American Express credit cards. To pay using your credit card at checkout, you will need your card number, expiry date, three-digit CVV number (found on the backside of your card). After entering these details, you will be redirected to the bank's page for entering the online 3D Secure password. Debit cards We accept payments made using Visa, MasterCard and Maestro debit cards. To pay using your debit card at checkout, you will need your card number, expiry date (optional for Maestro cards), three-digit CVV number (optional for Maestro cards). You will then be redirected to your bank's secure page for entering your online password (issued by your bank) to complete the payment. Internationally issued credit/debit cards cannot be used for Flyte, Wallet and eGV payments/top-ups. Is it safe to use my credit/debit card on Aaksha.in? Your online transaction on Aaksha.in is secure with the highest levels of transaction security currently available on the Internet. We uses 256-bit encryption technology to protect your card information while securely transmitting it to the respective banks for payment processing. All credit card and debit card payments on Aaksha.in are processed through secure and trusted payment gateways managed by leading banks. Banks now use the 3D Secure password service for online transactions, providing an additional layer of security through identity verification. What steps does Aaksha.in take to prevent card fraud? Flipkart realizes the importance of a strong fraud detection and resolution capability. We and our online payments partners monitor transactions continuously for suspicious activity and flag potentially fraudulent transactions for manual verification by our team. In the rarest of rare cases, when our team

Mastercard To Replace Passwords With Biometrics by 2030 Mastercard has laid out its vision for the transformation of online shopping security in the next 12 years by replacing card numbers and passwords with fingerprints. This shift holds the potential to increase security while at the same time decreasing the convenience for those consumers shopping online. Mastercard wants to combine two technologies: biometrics and tokenization, which the company introduced ten years ago to enhance the process of checking out. The future of the company is to ensure that all transactions made within the organization’s network are paid with the token and are also secure from fraudsters. Online shopping as we know it has its strengths in that it is quite convenient, but weaknesses such as high fraud rates. Mastercard revealed that online fraud is way worse than in-store fraud, with exposed card details accounting for the former being seven times that of the latter. However, manual card entry creates inconvenience for shoppers, and carts are thus abandoned on most occasions. Therefore, with the use of biometrics and tokenization Mastercard has set itself on a course to tackling these problems. Read More: https://lnkd.in/dYmJsi4N

Why UK Startups Should Embrace 3D Secure (3DS) for Fraud Prevention Securing online payments is essential in the dynamic environment of UK startups. At PAYALLY, we understand the crucial role that 3D Secure (3DS) plays in safeguarding businesses from fraud, especially with regulations like PSD2 and Strong Customer Authentication (SCA) now in effect. Cutting Down on Fraud:  The implementation of 3DS has led to a notable drop in online fraud rates in the UK, with reductions ranging from 70% to 85% when applied correctly. For example, Mastercard® found a large decrease in fraudulent activities across Europe, with significant benefits in the UK. Advancements with 3DS 2.0:  The newer version, 3DS 2.0, strengthens security further, particularly for card-not-present transactions, which are common in online shopping. It also provides a smoother user experience, leading to a 30-40% drop in fraud according to some payment providers in the UK. Lowering Chargebacks:  By implementing 3DS, startups in the UK are experiencing fewer chargebacks due to fraud. This not only saves money but also strengthens the financial position of these emerging businesses. Regulatory Influence:  - Strong Customer Authentication (SCA): The UK’s enforcement of SCA under PSD2 has been a driving force in the widespread use of 3DS, enhancing security for digital transactions.  - Consumer Experience: Although additional security checks can sometimes lead to cart abandonment, the enhanced 3DS 2.0 reduces friction, fostering greater trust in online payments. Industry Trends:  UK’s banking and retail industries have been quick to adopt 3DS to comply with regulations and protect consumers. Major financial institutions and fintech firms are ensuring their systems are up-to-date with 3DS 2.0 while educating users on its advantages. Challenges Ahead:  While 3DS is effective against card-not-present fraud, fraudsters are constantly shifting tactics, which means businesses must stay vigilant and adapt their strategies. Balancing Security and User Experience:  For startups, finding the right balance between security and a seamless customer journey is key. Proper use of 3DS 2.0 helps reduce transaction drop-offs while ensuring strong protection. Conclusion:  For startups in the UK, integrating 3D Secure is not just about reducing fraud—it’s about building customer confidence and ensuring hassle-free online transactions. PAYALLY is committed to helping startups navigate these challenges with innovative solutions and proactive strategies   For any inquiries or assistance, feel free to contact our office at info@payally.co.uk , or reach our hotline at +44 (0)208 0595 005. You can also conveniently connect with us through the PAYALLY APP. #UKStartups #3DSecure #FraudPrevention #OnlinePayments #DigitalSecurity #PaymentSolutions #BusinessGrowth #ChargebackReduction #CustomerTrust #PAYALLY #SecurePayments #RetailSecurity

New Post: Payments - https://lnkd.in/gZ4zkBtD - Payments How do I pay for a purchase? We offers you multiple payment methods. Whatever your online mode of payment, you can rest assured that Aaksha's trusted payment gateway partners use secure encryption technology to keep your transaction details confidential at all times. You may use Debit Card, Credit Card, UPI, Internet Banking, EMI Cards, Gift Cards, and Wallet to make your purchase. We also accepts payments made using Visa, MasterCard, Maestro and American Express credit/debit cards in India and 21 other countries. Are there any hidden charges (Octroi or Sales Tax) when I make a purchase on Aaksha.in? There are NO hidden charges when you make a purchase on Aaksha.in. The prices listed for all the items are final and all-inclusive. The price you see on the product page is exactly what you pay. Delivery charges may be extra depending on the seller policy. Please check individual seller for the same. How do I pay using a credit/debit card? We accept payments made by credit/debit cards issued in India and 21 other countries. Credit cards We accept payments made using Visa, MasterCard and American Express credit cards. To pay using your credit card at checkout, you will need your card number, expiry date, three-digit CVV number (found on the backside of your card). After entering these details, you will be redirected to the bank's page for entering the online 3D Secure password. Debit cards We accept payments made using Visa, MasterCard and Maestro debit cards. To pay using your debit card at checkout, you will need your card number, expiry date (optional for Maestro cards), three-digit CVV number (optional for Maestro cards). You will then be redirected to your bank's secure page for entering your online password (issued by your bank) to complete the payment. Internationally issued credit/debit cards cannot be used for Flyte, Wallet and eGV payments/top-ups. Is it safe to use my credit/debit card on Aaksha.in? Your online transaction on Aaksha.in is secure with the highest levels of transaction security currently available on the Internet. We uses 256-bit encryption technology to protect your card information while securely transmitting it to the respective banks for payment processing. All credit card and debit card payments on Aaksha.in are processed through secure and trusted payment gateways managed by leading banks. Banks now use the 3D Secure password service for online transactions, providing an additional layer of security through identity verification. What steps does Aaksha.in take to prevent card fraud? Flipkart realizes the importance of a strong fraud detection and resolution capability. We and our online payments partners monitor transactions continuously for suspicious activity and flag potentially fraudulent transactions for manual verification by our team. In the rarest of rare cases, when our team

#Mastercard #Brings #PaymentPasskeyService to #India #authentication ------ https://lnkd.in/e8sYGKtV ------ Mastercard chose India for the launch of its Payment Passkey Service. The online checkout security measure comes as India is dealing with a surge in fraud cases, according to a Thursday (Aug. 29) press release. “Despite the rising popularity of one-time passwords (#OTPs) due to their ease of use, they are increasingly vulnerable to online scams such as phishing, SIM swapping and message interception,” the release said. “In India, the incidence of fraud cases has surged by nearly 300% in the last two years, as reported by the Reserve Bank of India’s Annual Report for 2023-2024.” #Paymentpasskeys can help ease the problem by using device-based biometric authentication methods like fingerprints or facial scans to streamline online shopping, per the release. Mastercard’s service uses tokenization to secure a consumer’s payment details and biometric data, ensuring data is not shared with third parties and is of no use to scammers. Shoppers choose their Mastercard when checking out as a guest or pick a card already on file with the merchants, according to the release. Customers can confirm payment via biometric authentication mechanism features on their devices. This could be a fingerprint, face scan or PIN. Payments are completed instantly upon authentication. The development and use of passkeys is arguably one of the most important security stories of the year, PYMNTS wrote in May, following product announcements from Mastercard and Visa that revolved around the technology. Meanwhile, the PYMNTS Intelligence report “Consumer Authentication Preferences for Online Banking and Transactions” found that consumers want to use passkeys or any authentication tool that doesn’t involve entering a password. Younger generations especially are ready to get rid of passwords in favor of more advanced identity technology, such as biometrics. “But like most habits, traditional password authentication use is hard to break,” PYMNTS wrote in January. “Fast Identity Online, the global digital password-less authentication standard, has been trying to move away from password authentication for over a decade.” Mzukisi Rusi of Entersekt told PYMNTS in 2022 that it would take time to uproot the decades-old authentication system. “As much as we hate it from a security perspective, people still find [passwords] pretty easy,” Rusi said. “They are fairly ubiquitous, and they don’t need any special technology.

🔒 Mastering Card Security in E-commerce Despite the rise of digital wallets, traditional cards remain dominant. According to Forbes, 70% of U.S. adults still prefer cards, emphasizing the need for robust card security measures like CVV and CVC codes. These codes are critical for verifying cardholder information in card-not-present transactions, adding an essential layer of fraud prevention. 🛡️ Key Takeaways: CVV/CVC Importance: These codes are crucial for securing online transactions Security Compliance: Adhering to PCI standards to avoid fines and ensure data integrity 🔗 Learn how to enhance your card payment security: https://bit.ly/40Ytswm #DigitalPayments #CreditCardSecurity #Fintech #SpreedlyInsights #Ecommerce

TOKENIZATION AND ITS ROLE IN PAYMENT GATEWAY With the advent of digital payments and online transactions, fraud and identity theft are also rising, matching if not more than the strides taken by digitization. One of the major tools which empowers the Payment Gateway to thwart deceit and smoothen the validated transactions is tokenization. What is Tokenization? Tokenization helps beef up security by replacing the primary data like credit card numbers or PAN numbers, the unique identifying numbers, with an alphanumeric called the token. These tokens are otherwise valueless strings of numbers which do not signify anything, on their own and are unique to that transaction though the merchant can store them for recurring transactions or refunds etc. This way the sensitive data is not exchanged reducing the chances of being hacked or stolen. Tokenization facilitates online and digital wallet purchases. The one-click payments are safer with merchants not needing to send sensitive data for every transaction and on the other end the authentication process too is faster. How does Tokenization work? Payment tokenization process: A transaction is initiated online with the card details on the merchant’s Payment Gateway which sends a request to the Payment Service Provider who in turn tokenizes the sensitive card details. The Payment Service Provider returns the Token reference to the merchant and stores the mapping of the token to the payment credential data. After this, it is the token which is used to obtain authentication and validate the transaction. More on types of Tokenization and their role….Coming soon! Image Credits: https://lnkd.in/g5ZnMpPe

A Guide to Online Payment Security for Businesses Online shopping and contactless payments have transformed how we buy and sell. However, with these innovations comes the risk of fraud, which businesses need to guard against to ensure growth. What is Payment Security? Payment security protects financial transactions from fraud and unauthorized access. It's essential for businesses to safeguard customer data, comply with regulations, and maintain trust. As eCommerce grows (expected to surpass $8 trillion by 2027), payment security becomes increasingly crucial to prevent fraud and protect both businesses and customers. Payment Security and PCI Compliance The Payment Card Industry Data Security Standard (PCI DSS) is a global standard for securing payment data. Businesses handling card data must adhere to these standards to prevent fraud. Companies must meet one of four compliance levels, ranging from minimal self-assessment (Level 4) to strict external audits (Level 1). Why Secure Payment Processing Matters Fraud Prevention: Secure payment systems use algorithms and real-time monitoring to detect fraudulent activities like identity theft or money laundering. Reputation Protection: Data breaches can damage a business’s reputation and lose customer trust. Secure systems protect your brand. Chargeback Reduction: Secure payments minimize chargebacks, which happen when customers dispute transactions, costing businesses money and resources. Types of Payment Security Encryption: Protects sensitive data using keys to lock and unlock information during transactions. Tokenization: Replaces payment details with tokens, reducing the risk of exposure. Authentication: Verifies user identity before granting access to payment systems. SSL Protocol: Encrypts website communication to secure payment pages. AVS, 3DS, CVV: Additional security checks, including address verification and extra authentication steps. Conclusion As fraud risks evolve, payment security methods must also adapt. Following PCI standards and using encryption, tokenization, and authentication will help businesses prevent fraud, maintain customer trust, and ensure long-term eCommerce success. #PaymentSecurity #Ecommerce #FraudPrevention #PCICompliance #DataProtection #BusinessSecurity #SecurePayments #OnlineShopping #DigitalPayments #CustomerTrust