Scotiabank and First Atlantic Commerce offer 3-D Secure solutions across the English Caribbean Region

(13/08/2009)

First Atlantic Commerce and Scotiabank have joined together to offer 3-D Secure™ services to online merchants in 7 countries across the English Caribbean.

Through this partnership, Internet merchants in the Caribbean will now be able to support 3-D™ Secure for Verified by Visa and MasterCard® SecureCode™ on their web sites for the first time. The service will be available to merchants in Jamaica, Bahamas, Barbados, Trinidad & Tobago, Anguilla, Turks & Caicos and Guyana with rollout to an additional 11 countries in the English Caribbean planned in the near future.

“This is an extremely important service for online merchants,” said Andrea Wilson, CEO of First Atlantic Commerce. “The objective of 3-D Secure™ is to reduce fraud through the verification of the cardholder at the time of payment in a ‘Card-Not-Present’ environment, such as the Internet. When implemented, 3-D Secure™ protects online merchants from the financial losses associated with “I didn’t do it” chargebacks. We are very excited about making this more available in the Region.”

Both Visa and MasterCard® offer chargeback liability shift for fraud related chargebacks when the transaction is authenticated through Verified by Visa and MasterCard® SecureCode™. This also includes liability shift for attempted Verified by Visa and MasterCard® SecureCode™ requests, which means that even if the cardholder is not enrolled, the merchant is not liable for certain Reason Code chargebacks. So the benefits to both Scotiabank International and its merchants are significant.

“The launch of this service to our existing and prospective Internet merchants is yet another way that Scotiabank is helping our clients in minimizing online fraud, while maximizing sales,” said Rob Macdonald Scotiabank’s Director, Merchant Acquiring Services. “We have worked with FAC for many years processing millions of dollars of credit card transactions for a range of businesses and Government bodies, and implementing 3-D Secure™ is a natural next step in the evolution of our solutions to these important customers.”

The benefits associated with 3-D Secure™:
- Provides internet merchants with the ability to verify a consumer’s true identity through secure, electronic, non “face to face” authentication process
- Enables all parties in an eCommerce payment transaction to transmit confidential and valid payment data
- Provides verification to the merchant that the buyer is the authorized owner of a card account
- Offers immediate protection from fraud-related chargebacks (“I didn’t do it” chargebacks.)

Related topics:  Authentication and identity management   Internet and Web security 

Print version | Email to a friend | Related articles

Data breaches: Trends, costs and best practices gives you all the latest information on securing personal and corporate data, key recommendations for immediate action to improve data security, and how to respond to data breaches.

Other Security news and resources