What is 3D Secure?
The security of bank card payments in cyberspace should always be at a high level due to an increasing number of payments-related fraud.
3D Secure is a state-of-the-art technology developed by the international payment systems Visa (Verified by Visa) and Mastercard (Mastercard SecureCode) to identify the cardholder performing the transaction and minimize the risk of card fraud.
How does it work? Improvement of the security of online payments on sites that support the 3D security authentication technology is due to the additional identification of the cardholder. Such identification is provided by the cardholder's mandatory entry of a one-time password, which the bank automatically sends to the mobile phone number of such customer in an SMS message during the transaction.
Three parties are involved in the credit card 3D Secure operation – the bank (from which account the money will be debited), the merchant (the store to whose account the funds will be sent), and the compatibility domain, or payment system, which provides the technical side of the process.
For example, you need to make a payment on the site of an online store. The 3D payment secure system requires you to enter the data and the CVV code, after which a page pops up where you enter the code sent to your phone number. If you don’t enter the code, the transaction will be declined.