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
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
MCC Based Risk Scoring
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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