Simility Adds AI Powered Adaptive 3-D Secure Support to Increase Merchant Profits
Jayan TharayilMarch 14, 2017
Enables Chargeback Protection for Merchants by Selectively Invoking 3-D Secure for High-Risk Transactions
PALO ALTO, CA–(Marketwired – Mar 13, 2017) – Simility, an adaptive fraud prevention platform, today introduced Adaptive 3-D Secure, a solution that leverages artificial intelligence to reduce customer friction while adding chargeback protection for transactions that would have been rejected. Simility’s Adaptive 3-D Security is the first and only solution in the market that provides the merchant the power of AI to help them embrace the benefits of 3-D secure, without increasing customer friction.
3-D Secure is a protocol designed to be an additional security layer for online credit and debit card transactions. With traditional 3-D Secure, all transactions are challenged with authentication, every time. This results in consumer friction, especially with frequent buyers who order regularly. Simility Adaptive 3-D Secure invokes authentication only for high-risk transactions, eliminating consumer friction for “good” customers and increasing merchant profits.
Simility uses advanced machine learning combined with rules to evaluate each transaction in real-time based across several attributes like device fingerprinting, in-session behavioral analytics, proxy filtering, and geolocation to identify high risk transactions. Simility invokes Adaptive 3-D secure authentication only for dynamically identified high-risk transactions, which are potentially fraudulent in nature, reducing customer abandonment, while securing chargeback protection for the merchants.
“3-D Secure is important for securing online credit and debit card transactions but can cause frustrations and slowdowns for customers and cost the merchants in abandoned purchases and chargebacks for rejected transactions,” said Rahul Pangam, CEO of Simility. “The fact is merchants should only use 3-D Secure for transactions they would have rejected or sent for expensive manual review. Simility’s 3-D Secure solution provides the best of both worlds by protecting merchants during high risk transactions while adding chargeback protection for transactions that would have been rejected. Merchants want to give customers a smooth and quick checkout experience but still need protection from fraud; our solution meets both of these needs.”
Features & Benefits of Simility Adaptive 3-D Secure
- Increased sales with fewer checkout abandonments
- Improved margins with chargeback liability shift
- Less manual review
- Enhanced consumer experience
- Authentication embedded in checkout for only the highest risk transactions, which would formerly have been rejected
For more information about Simility’s adaptive fraud prevention solution please click here.
Simility is a leading adaptive fraud prevention solution for the new digital economy that leverages advanced artificial intelligence. Simility’s platform protects clients, across various verticals and industries, from the most sophisticated types of fraud. It empowers fraud analysts to quickly adapt to fraudsters’ evolving tactics — all without having to write code. Built “by fraud fighters for fraud fighters,” the founding team’s combined 27 years of fighting fraud at Google puts them in a uniquely qualified class of fraud detection and prevention experts. For more information, visit www.simility.com.
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