Wells Fargo Commercial Card product suite senior vice president and manager Mary Mazzochi said that the company finds new ways to protect its customers’ businesses as risk of fraud keeps increasing.
"This technology is targeted at mitigating fraud as it moves from the point of sale to online channels," Mazzochi added.
Designed to reduce e-commerce fraud, 3-D Secure enhances online payments security by verifying cardholder identity and merchant credibility.
EuroPay, MasterCard and Visa (EMV) compliant cards contain an embedded microprocessor chip to verify the cardholder and combat point-of-sale fraud.
The US bank is also issuing EMV-compliant WellsOne Commercial Cards with an embedded microprocessor chip and traditional magnetic stripe to customers.
Since the customer is required to supply a personal identification number (PIN) at the point of sale, the enhancement provides customers with added safety and convenience when shopping with merchants that employ EMV Chip and PIN payment systems.
With $1.4trn in assets, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, and the Internet from 35 countries.
