On the 14th September 2019, new requirements for authenticating online payments will be introduced as part of the second Payment Services Directive (PSD2).
Experts say as many as 25 or 30% of transactions could be declined in the immediate aftermath of the switch to Strong Customer Authentication.
Be prepared. Act NOW and speak to one of our team to find out how we can help protect your business and keep your customers happy by using SVL SecurePay.
SVL SecurePay is an exciting new product that offers organisations who take card payments total protection.
A new study from Juniper Research has found that retailers are set to lose some $130 billion in digital CNP (Card-not-Present) fraud between 2018 and 2023. Complex cross‑channel fraud will become the ‘new normal’
Most available solutions for taking “Card Not Present” (CNP) transactions over the telephone offer customers reassurance that they need not verbalise their card details over the phone to a stranger.
However CNP transactions are still vulnerable to fraud, with you as the merchant being liable to reimburse your customer for any financial loss.
“Fraud losses on UK-issued cards totalled £671 million in 2018, a 19 per cent increase from £566 million in 2017”
SVL SecurePay will change the dynamic of the transaction.
This simple to deploy solution will immediately make your telephony payments PCI compliant whilst reducing bank charges and authenticating transactions, thus shifting liability for CNP fraud from your organisation to the acquiring Bank.
The many benefits of CNP transactions remain, but the sensitive card data will not enter the merchant environment and this will be an integral part of your digital transformation, allowing the customer to complete the transaction in their channel of choice.
This is a cost-effective, omni-channel, cloud-based product that works whether you take payments in person, by phone, text, via social media or webchat on desktop or mobile devices. Another bonus is that this product is both acquirer and payment gateway agnostic.
SVL SecurePay authenticates using a two-factor process. It also supports your compliance with ‘Strong Customer Authentication” legislation PSD2
“Over 114 Million unencrypted cards found within business environments in 2017”
For your business
- The product mitigates the risk of fraud-related chargebacks associated with phone and omni-channel transactions by sending a secure SMS and email hyperlink.
- It works with all major payment service providers and CNP transactions are secured by two factor authentication.
- The unique technology processes the transaction in a PCI DSS compliant manner in a secure third party environment. This ensures that no card data enters your environment.
- With the risk of ‘fraud related chargeback’ removed, you can deliver goods and services to an alternative third party address.
- This will reduce the scope of PCI DSS compliance, saving valuable time and money dealing with complex PCI requirements.
- As a Cloud-based solution, no time-consuming installation or new hardware is required.
- A pay-as-you-go service is also available to reduce initial expenditure.
“Overall remote (CNP) purchase fraud increased to £506.4 million in 2018; a rise of 24 per cent when compared to 2017”
For the Cardholder
- You will maintain constant visibility of the payment journey, in both attended and unattended calls.
- We handle CNP telephone transactions securely, sending the cardholder a secure SMS and email hyperlinks, no numbers will be heard, or customer voices recorded.
- Customers will manually input their card information in a secure environment with a few simple clicks.
- An ID authentication system will ensure that only the genuine card holder can process the transaction.
As a system, our product eliminates fraud-related chargebacks with liability shifted back to the card-issuer, rather than your organisation.
Please email firstname.lastname@example.org