News

2-factor authentication platform promises reduced fraud for acquiring FIs

August 26, 2016

Financial Software and Systems of Chennai, India, has launched FSS Access Control Server, a secure authentication platform that supports 3D Secure protocol. In a press release, FSS said that the solution allows card issuers and acquiring banks to offer robust security to their customers during online transactions.

FSS Access Control Server is a VISA- and MasterCard-certified authentication platform, that provides a strong two-factor authentication for an additional layer of security in e-commerce and m-commerce transactions.

The new solution allows issuers to:

• enroll cardholders for 3D secure service during an online transaction, or on the bank's website prior to shopping;
• configure BIN-level business rules for each card portfolio — i.e., gold, silver, platinum, etc. — with hierarchically based user administration to meet respective compliance requirements;
• minimize fraud with cardholder authentication of payments via SMS, email, static password, IVR, IPIN, or other means;
• resolve disputes and minimize chargebacks using authentication history;
• manage risk with the support of hardware security module-based data encryption and online digital signature generation; and
• monitor transactions in real time using a dashboard with custom information access levels.

"The success of e-commerce depends on the customer trust and this can be built only by providing best-in-class controls for data security and a safe and secure and highly available environment for transacting," said Suresh Rajagopalan, president of software products at FSS. "Our highly configurable and modular solution will help card issuers and acquiring banks to control and reduce transaction friction and fraud] and enhance end-customer experience."

FSS Access Control Server uses existing infrastructure and provides APIs to allow seamless integration with external systems and accelerated time-to-market, the release said. The solution is available either licensed or hosted, and supports financial institutions whose data is segregated and PA-DSS 3.1 compliant.