According to recent press releases, as sales continue to set new records, the rate of fraudulent transactions is also increasing. This trend is expected to have significant implications for the ecommerce sector, with global ecommerce projected to reach USD 4.9 trillion by 2021 and projected fraud potentially reaching USD 140 billion by 2025. These developments underscore the urgent need for robust fraud prevention measures and cybersecurity solutions in online retail.
In response, PAAY has introduced an EMV 3DS solution to support merchants in safeguarding their payment systems. This innovative approach not only enhances authorization rates but also minimizes chargeback expenses while ensuring compliance with industry standards. By contrast, the traditional 3DS system is known for its slower processing times, often leading to longer verification periods and higher cart abandonment rates.
PAAY’s EMV 3DS solution boasts authentication rates as high as 94% and typically completes transactions in under 2.5 seconds. Such rapid transaction processing has been noted by card networks like Visa and Mastercard, which have reported up to a 10% increase in authorization success rates with this technology.
