Swisscard AECS AG, the Zurich-based joint venture of Credit Suisse AG and American Express, has implemented Entersekt's 3D secure-based mobile security system, Transakt.
Other 3D Secure implementations ask for additional authentication (such as a password) in a Web browser. Entersekt's Transakt migrates this process to a mobile app, enabling consumers to authenticate purchases by tapping an icon on a smartphone's screen, the company said. The Transakt app is available for iOS, Windows Phone, Android and BlackBerry devices.
Particularly as more consumers use EMV-chip cards, which are harder to counterfeit than magnetic-stripe cards, "fraudsters are increasingly directing their attention toward card-not-present online transactions, Kenneth Eales, head of risk services at Swisscard, said in an Aug. 25 press release.
In addition, Transakt "promises to reduce abandonment rates for online purchases while maintaining 3D Secure fraud prevention standards," said Christiaan Brand, chief technology officer at Entersekt, which is based in South Africa and has a North American office in Atlanta. The move is in line with other efforts worldwide to improve authentication measures.