A new security method could be coming to the U.S. market, which will change the way online payments are made.
One of the misconceptions regarding EMV®* is that it’s only a chip-centric specification. In reality, EMV is a suite of specs that address payment security overall, including online payments. This is particularly important when you realize that, as chip cards increase in acceptance and fraud is reduced in-store, criminals have moved to electronic commerce. Thankfully, organizations like EMVCo are hard at work ensuring electronic transactions are secured. Brian Byrne, EMVCo’s director of operations, points out that, within that suite of EMV security protocols and best practices are specs for both payment tokenization and EMV 3DS (Three- Domain Secure). While both payment tokenization and 3DS have been around for a while, it’s 3DS that recently received a face-lift. Indeed, EMV 3DS 2.0 is a groundbreaking security method that could change the way online electronic payments are made.