A key and continuous challenge in payments has always been to secure the transaction and the data. Security implementation is constantly evolving and is revisited periodically to ensure compliance and as per expectations of standards.

EMV is significantly more secure than traditional magstripe cards. EMV security can be achieved through the standard process where our team carries expertise in the payment systems from devices to backend systems.

Few of the areas are as follows, that were taken care for our customers and helping them in implementing complete solutions:

  • Advanced encryption and tokenization

  • Embedded card risk analysis capabilities

  • Online and Offline authentication

  • Point-to-point encryption that ensures track 1 and 2 data are encrypted prior to transmission and advanced tokenization techniques that replace card data with a random value

  • A separate process called Offline Data Authentication provides security against skimming and counterfeiting for a merchant performing a card transaction without an online issuer host data connection

Vulnerabilities that EMV doesn’t address

Key areas of vulnerability in the payments process that EMV alone does not address currently

  • From the point of card insertion or tap, when the card data is transmitted in the clear to the processor or is later stored by the merchant post-authorization

  • Other transactions where a chip-enabled card is not present

  • EMV designed as an authentication technology rather than a data security technology

  • The implementation of EMV alone does not protect the entire payment transaction process

  • Detecting and Preventing Fraudulent Online Transactions

Global experience has demonstrated that EMV chip technology is effective at reducing fraud at the POS but can also drive higher Card Not Present (CNP) fraud. Along with bringing in EMV at the POS and securing card data with encryption plus tokenization, merchants need to address the issue of CNP fraud strategically, with additional security layers such as fraud protection solutions and increased verification methods. With the right tools and technologies, merchants can apply these strategies to safely conduct business online without simply accepting fraud as a “cost of doing business.”

Merchants of all sizes are susceptible to online fraud. Fortunately, powerful tools and technologies for fraud management are now available and affordable for all.

Following are two simple and common ways to verify the legitimacy of cardholders and cards in CNP situations:

  • Address Verification Service (AVS)

  • Card Verification Value 2 (CVV2)

  • Following are the other fraud prevention tools that are available to help in certifying

  • MasterCard Secure Code

  • Verified by Visa

  • Fraud Management Solutions to reduce CNP fraud

  • Following are some means to reduce the CNP related fraud

  • Automated transactional risk scoring

    • Velocity Parameters

    • MCC Based Risk Scoring

    • Restricted Country

    • Risk Score based on Restricted City

    • Risk computation based on POS Entry mode

    • Risk Computation for Offline transactions

    • Card Not Present Transactions

    • Clearing transaction without Authorization

    • Transaction from a Hot listed card

  • Real-time categorizing and resolution

  • Post-purchase transaction management

  • Adjustments to fraud rules and parameters

Our Team helps and works closely with our customers to understand the existing scope, current business scenarios, flows of the existing systems, to provide the consulting solutions to Build, Architect, Enhance Features, Design, Develop, Test, Automate, Deploy, UAT.

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For more information please contact us at info@girmiti.com

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