Stopanska banka AD Sets Regional Benchmark in eCommerce Protection June 4, 2014

Stopanska banka AD became the first CEMEA user of a new solution in Visa’s information products line up which helps issuers reduce the risk of eCommerce fraud using real-time, risk-based transaction analysis. Called the Visa Consumer Authentication Service (VCAS), the solution is designed to seamlessly support an issuer’s Three Domain Secure (3-D Secure) program such as Verified by Visa. The service is now available free of charge for all Visa and MasterCard payment cards issued by Stopanska banka in Macedonia.

The implementation of VCAS by Stopanska banka is not only the first time a bank from Macedonia provides 3-D Secure protection for its cards but also the first time 3-D Secure will be implemented for both Visa and MasterCard cards using an authentication service provided by one company, Visa (VCAS). To recognize this accomplishment, Katarzyna Sosin, Visa’s Regional Manager in CIS&SEE visited Stopanska banka last week to personally award the bank with a certificate for implementation of 3-D Secure technology.

VCAS authenticates the consumer prior to the authorization process, adding a powerful layer of protection against fraud. As the consumer begins the online checkout process, the solution performs a real-time risk assessment of the transaction based on numerous inputs including device and transaction information and historical spending patterns. The result is that issuers can complete lower-risk eCommerce transactions without requiring consumers to go through the extra step of entering their passwords or other verification. The solution minimizes disruption and abandonment at the point of purchase, while also helping issuers and merchants reduce fraud losses.

“It is inspirational to see a bank so devoted to its clients and making an extra effort to implement a new technology which will provide an extra layer of protection to online transactions, – said Katarzyna Sosin, Regional Manager, CIS&SEE, Visa during her visit to the bank. Visa Consumer Authentication Service will help Stopanska banka reduce the risk of eCommerce fraud using real-time, risk-based transaction analysis. This solution is another example of how we use Visa’s network intelligence to create tangible value for merchants and our financial institution clients. Because the solution only prompts consumers for verification of the riskiest transactions, most consumers will have a streamlined authentication process when using Verified by Visa.”

“Now our clients have more than a card in their wallets, they have a key to eCommerce, worldwide, 24/7. The cardholders of Stopanska banka are the first in our country to enjoy the highest level of online fraud protection – and they don’t have to make any extra effort for it. We are proud to continue to set standards for the best banking operations and our team remains completely devoted to our clients by using the latest technology, which is becoming increasingly available for all of us“, – said Diomidis Nikoletopoulos, Chief Executive Officer, Stopanska banka AD – Skopje.

About Visa Consumer Authentication Service (VCAS)

VCAS is a hosted access control server that provides issuers with the following capabilities:

  • Sophisticated risk-based authentication. Visa Consumer Authentication Service’s risk-scoring model takes into account enhanced inputs, including critical information about the device, transaction information and spending profiles. This data will enhance issuers’ decision-making ability to identify potential fraud and prompt for verification only when necessary.
  • Dynamic methods of authentication. Visa Consumer Authentication Service supports a wide range of account holder authentication methods. This means higher-risk transactions may be verified by the issuer in a variety of ways including more secure, dynamic methods such as one-time passwords or hardware tokens.
  • Support for mobile. Visa Consumer Authentication Service can be integrated to function through a range of devices including mobile phones and tablets, to ensure consumers have a secure, efficient and reliable payment experience when shopping through another channel beyond the PC.
  • Rules for strategy refinement. Visa Consumer Authentication Service provides issuers with the tools to write additional rules to further refine risk decisioning capabilities.

 

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