First Atlantic Commerce (FAC), a global multicurrency payment and risk management solutions provider, and Scotiabank, an international bank based in Canada, have joined together to offer 3D Secure services to online merchants in 7 countries across the English Caribbean.
Reportedly, through this partnership, internet merchants in the Caribbean will be able to support 3D Secure for verified by Visa and MasterCard SecureCode on their web sites. Both Visa and MasterCard offer chargeback liability shift for fraud related chargebacks when the transaction is authenticated through Verified by Visa and MasterCard SecureCode. This also includes liability shift for attempted Verified by Visa and MasterCard SecureCode requests, which means that even if the card holder is not enrolled, the merchant is not liable for certain Reason Code chargebacks.
It has added that 3D Secure provides internet merchants with the ability to verify a consumer’s true identity through a secure, electronic, non ‘face to face’ authentication process and enables all parties in an eCommerce payment transaction to transmit confidential and valid payment data. It also provides verification to the merchant that the buyer is the authorized owner of a card account and offers immediate protection from fraudrelated chargebacks (‘I didn’t do it’ chargebacks).
Andrea Wilson, CEO of First Atlantic Commerce, said: “The objective of 3D Secure is to reduce fraud through the verification of the cardholder at the time of payment in a ‘CardNotPresent’ environment, such as the internet. When implemented, 3D Secure protects online merchants from the financial losses associated with ‘I didn’t do it’ chargebacks.”
The service will be available to merchants in Jamaica, Bahamas, Barbados, Trinidad & Tobago, Anguilla, Turks & Caicos and Guyana and expected to rollout to an additional 11 countries in the English Caribbean planned in the near future.
