To configure EMV 3-D Secure for the bank’s current markets and deliver online shopping security to consumers in Bermuda and the Cayman Islands, Butterfield worked closely with Visa and Mastercard.
According to bank’s representatives, this service adoption, is the latest in a series of upgrades to the bank’s card products that the institution has introduced over the last few years, including Chip and PIN technology, and contactless payment on select products.
EMV 3-D Secure was developed by EMVco as a new way to validate card transactions to decrease the incidence of fraud and false declines, whilst making transactions more straightforward for customers.
The service uses sophisticated logic to authenticate online transactions, and, automatically checks and clears more than 95% of transactions using stringent, dynamic criteria. Where an online transaction can’t be fully authenticated in the background, a box will appear on the customer’s screen [PC, phone, or tablet], asking them to call in to authenticate the purchase.
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