Explaining 3D Secure for business

A quick overview of 3D secure and how it's used for business payments.

More than ever, businesses all over the world are making purchases online.
 

With more digital payments, there’s greater opportunity for online fraud. A survey by Merchant Savvy, found that:

• 47% of businesses experienced fraud in the last 2 years
• 39% of frauds were committed by external perpetrators
• 37% of scams were made by internal agents
   

9 types of employee fraud you need to know about

Read on to learn how 3D secure authentication can help to keep your business safe. 

What is 3D Secure?
 

3D secure, also known as 3DS or 3D Secure Authentication, is a fraud prevention security measure used by payment cards to protect card users from online fraud.
 

It works by requesting additional information at the checkout phase of an online purchase.

Why is the industry using 3D Secure?
 

The need to stay one step ahead of the fraudsters is vital to payment card providers. Implementing 3D Secure adds an extra layer of security. Websites and online retailers also increasingly require 3DS purchasing cards.
 

For transactions above a set value, card providers want to ensure that the person making the transaction is the cardholder registered on their account.
 

In practice, immediately after making an online purchase, you’ll see the 3D Secure screen processing the transaction. For transactions of a certain value, the card user will be prompted to authenticate the payment, proving that the correct person is making it.

The 3DS process can vary depending on the payment card and retailer you’re using. Banks, for example, may require you to go into your banking app and approve a transaction. You also may be required to enter a one-off online payment code sent to your mobile phone or enter digits from a passcode associated with the card or account.
 

This extra layer of security makes it extremely difficult for fraudsters to make payments with a stolen card or details.
 

3D Secure challenges

If you share payment cards in your business, 3D Secure can make online purchasing more difficult.  The authentication stage where a senior staff member must pass along the approval code is inconvenient and a potential bottleneck, especially when working remotely.  

Accountabl and 3D Secure

With accountabl, you’ll be able to set bespoke limits and restrictions on employee cards, and even deactivate them altogether. You’ll also be able to scrutinise real-time transaction data in the accountabl portal. So, employers can enjoy total control and visibility while empowering staff to buy what they need to get the job done.  

How to tackle expense fraud in your business. 

When you make an online purchase above £100 with your accountabl card, you’ll be prompted to identify yourself. Other factors like cardholder behaviour, merchant, risk score, can trigger 3D Secure for purchases worth less.

If 3D Secure authentication applies, the Mastercard ID Check window will appear after you submit your card details. You’ll receive a one-time code via text message, which you’ll need to input into the 3DS interface.

Next steps

With more staff working from home, the number of online payments is increasing. So, ensure that your payment card provider is proactive, not reactive with its online purchase security – 3D Secure is a must.

At accountabl, we invest heavily in making sure our customers' payments are as secure as possible. Whether that’s through automated 3D security for online purchases or the ability to set built-in restrictions, helping to prevent fraud and to protect your bottom-line.  

Protect your business with a 30-day free trial.