The steady growth and recent explosion of digital commerce has been incredibly beneficial for merchants and issuers across the world. It has also created new problems that, previously, weren’t issues at all. One of the main ones has been verifying and identifying consumers in the online world, to ensure that they’re legitimate consumers and not cybercriminals.
Even with large amounts of consumer information at their disposal, it’s difficult for issuers to make decisions regarding who is, or isn’t, a trusted consumer during an online transaction. In certain instances, merchants may have more knowledge of their consumers, but they aren’t the ones who are making the risk decisions at the end of the day.
Previously, issuers who didn’t have sufficient information on a consumer could only use what they did have, limiting their ability to authenticate a lot of legitimate consumers. Merchants, on the other hand, couldn’t contribute any of the built-up knowledge of their consumers during this process.
By creating a data-sharing environment, 3-D Secure 2.0 is bridging that information gap, allowing merchants and issuers to work together to authenticate even more transactions. With the merchant’s data and information, the issuer can make more informed risk decisions. The result of this is a more efficient transaction experience, which means more satisfied consumers.
By working with Cardinal, merchants can effectively prepare for this new data-rich future right now. Cardinal’s rules-based authentication solution, Cardinal Consumer Authentication (CCA), is already collecting the additional 2.0 data fields. The more data the merchant collects now, the more prepared they will be as issuers continue to adopt 3DS 2.0. Connect with Cardinal to learn more about CCA, 3DS 2.0 and other important digital commerce topics.