Payment SolutionsIDVerify EMV 3DS
IDVerify can dramatically reduce the burden of fraud chargebacks for merchants, saving them money, time, and frustration. Ascent's IDVerify solution, powered by EMV 3DS, allows merchants to receive authentication, at the time of transaction, that the identity of the person paying for the vacation is the actual cardholder.
This technology is "considered to be one of the most effective global fraud security protocols available to the average business". (Source: Elavon)
Why now? Fraud and Chargebacks are on the Rise.
The credit card ecosystem is seeing increasing incidents of account enumeration attacks and card testing. These terms refer to the alarming activity where fraudulent ecommerce transactions are used to identify valid payment information that can be used or sold for fraudulent use. The lodging & vacation rental industry is not immune.
Card Not Present (CNP) chargebacks are also on the rise, as are cases of friendly (43% increase reported) and criminal (21% increase reported) fraud, per a report from Chargebacks911.
Merchants in the vacation rental space are being affected by this fraudulent activity and, with tighter chargeback regulations in place at the card brands, almost all liability for disputes claiming fraud now falls to the merchant.
But there is a way to shift the liability for fraud chargebacks from rental managers to the banks:
Why IDVerify? Enhanced Cardholder Identity Authentication Technology powered by EMV 3DS.
Remember how chip cards, using EMV technology, helped reduce fraud in the Card Present payment space? IDVerify is the EMV of Card Not Present (CNP) transactions. It is required in Europe. This is where the US payments industry is moving for enhanced security. And the technology is available now from Ascent Payment Solutions through IDVerify.
IDVerify cardholder identity verification transfers the liability for fraud to the issuing bank, instead of the merchant. In addition it can significabtly reduce chargebacks.
What is EMV 3DS? A security protocol that allows consumers to authenticate themselves in real-time for CNP transactions.
IDVerify from Ascent Payment Solutions is powered by EMV 3DSecure (3DS).
This technology uses more than 100 data points at payment to instantly authenticate a cardholder’s identity and assess the risk level of an ecommerce payment transaction – without adding friction. Authenticated cardholders are directed straight to the purchase confirmation page without even knowing their transaction was screened. It is a 95% frictionless experience for both the cardholder and the merchant.
IDVerify powered by EMV 3DS can be seamlessly integrated into rental management software solutions giving merchants the same peace of mind that the EMV chip card provides for in-person payments.
IDVerify is implemented with an integration to Ascent’s customized Secure Sessions through the Slim CD gateway.
In addition to IDVerify, an integration to Secure Sessions pages, offers significant value with other built-in features.
Features available with this integration:
- Surcharge – with this optional and fully compliant service, merchants can pass credit card processing fees to the consumer, providing ZeroCost credit card processing
- IDVerify/EMV 3DS – protection from fraud chargebacks
- Recurring Billing – the merchant can set a guest payment, schedule, and forget it
- Level III Credit Card Processing– additional data fields are passed to ensure eligible corporate and business card transactions qualify for the best interchange rates possible
- Potentially reduced PCI scope for all parties – merchant and software alike
- Limit on consumer-entered declined transactions – better security and savings for merchants
- Coming in 2022: accepting crypto payments!