3-DS technology is device security that secures your transaction whenever you make an online purchase. It is to prevent banking fraud that takes place by hacking the system. Euler Hermens, a Europan leader in fraud insurance and DFCG mentioned in his study, in the year 2018 that 7 out of 10 companies are victims of fraud attempts. With the use of 3DS security, it is made sure to protect your money in neobanks while you make a transaction.

How 3DS Technology Works?

For every online transaction, 3DS follows the protocol to verify it. The verification is performed via the neobank, which prompts you, either with a mobile message, to verify the transaction takes place, or by sending a confirmation code to accept payments. If in, either way, the verification gets failed, your transaction will not take place, and you will receive a notification or email.

The verification procedure works with the neobank, asking to open your application to submit the authorised customer application for the payment. Meanwhile if you are unable to respond the request of neobank, you will have to contact directly later.

It became mandatory for all Payment Service Providers (PSP), approved within the European Union to offer this protocol. But the UK has the exception with additional request period. 

Who Needs To Activate 3DS Security?

Businessmen and traders do not have to worry about anything. Neobanks take full responsibility to secure your transaction from frauds. The neobank ensures customer authentication for a safe 3DS framework inside your company. Service providers offer the protocol in particularly through Visa and MasterCard security networks. Some may charge a little fee for 3DS configuration.

For e-commerce, 3DS security is not obligatory, but it would be adding value to the company’s reputation. Though the 3DS technology can minimize revenues a little bit by preventing some forced transaction. But in the long term, it could be beneficial as it will be providing consumers with added protection. You will enjoy the protection from thefts and a boost in e-commerce credibility.

Does 3DS Protocol Allow to Dispute a Payment?

Payment produced by the 3DS protected method can be disputed. This is the duty of the bank to show the authentication. You just need to file an objection. But 3D secure protocol does not offer cover for businessmen from claims arising from a genuine consumer conflict. Such as the user that did not accept the goods or services, or for the items never received by the buyers.