3.2 Fraud Protection
Tools to identify, manage, and prevent suspicious activity before they become fraudulent transactions.
P2PE (Point-to-Point Encryption) is a methodology for securing credit card data by encrypting it from the time a card is input through a secure device (by card swipe or manual account entry) until it reaches the payment processor where it is decrypted. When implemented properly, these types of solutions make payment card transactions more secure by preventing the theft of credit card data while unencrypted on a POS device, or in transit.
By using P2PE, card data is unreadable until it reaches the secure decryption environment, which makes it less valuable if the data is stolen in a breach.
By encrypting cardholder data at the Point of Sale or Point of Entry, merchants can significantly reduce the risk of a data breach and the scope of PCI DSS compliance requirements.
3.2.2 3D Secure
3D Secure is a globally accepted authentication solution designed to make eCommerce payment processing more secure in real-time by providing an additional layer of security.
It enables the exchange of date between the merchant, card issuer and when necessary, the cardholder to validate that the transaction is being initiated by the rightful owner of the account.
Unlike traditional fraud prevention tools or chargeback mitigation companies, 3D Secure provides merchants with a liability shift against fraudulent chargebacks. This means there are no disputes – the chargeback does not hit the merchant account.
3.2.3 BIN Range Filtering
Payway’s BIN Filtering allows a merchant to accept or decline cards based on a range of BINs (Bank Identification Numbers) submitted to Payway. At the customer’s request, Payway will configure and add BINs to the authentication/sale/verification process, blocking cards that fall into the configured range.