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There is a 3DSecure system for existing Visa, Mastercard, and American Express. After typing your card numbers, the transaction doesn’t immediately go through b
by kccqzy 5mo ago
There is a 3DSecure system for existing Visa, Mastercard, and American Express. After typing your card numbers, the transaction doesn’t immediately go through but you are also redirected to the bank’s system. Banks can ask you to use a hardware token, an app, or any other second factor to approve the transaction.
It’s a shame that this system isn’t ubiquitous for the rest of us not in EU.
- Xirdus 5mo agoThe problem with 3D Secure is that the merchant can unilaterally decide not to use it, which defeats the whole purpose of 3D Secure.
- nottorp 5mo agoI tend to associate ignoring 3D Secure with Stripe. In the name of "less friction" of course.
- antonkochubey 5mo agonon-3DS payments are trivial to chargeback, at least in the EU
- kccqzy 5mo agoIn America all payments are trivial to chargeback anyways. We ought to have liability shifting. A long time ago there was a liability shift where if a merchant uses the magnetic stripe on a card equipped with a chip, then the merchant is unconditionally liable in case of a chargeback. We just needed merchants to be liable when the bank supported 3DSecure but the merchant chose not to use it.
- lxgr 5mo agoThey are everywhere. Default liability for online payments is and has always been with the merchant; only 3DS and some wallets can shift it to the issuer.
- swiftcoder 5mo ago> the merchant can unilaterally decide not to use it If they do so, they are telling the card issuer that they are happy to be on the hook for chargebacks/fraud. It's not an decision without consequences
- handle584 5mo agoComparing to fraud 3DS reduces sales turn over by a lot, and this is the reason why for the most part it is not required in the US, too much friction during check out hurts business.
- Xirdus 5mo agoAre they, though? Does the end customer get more post-transaction protections when not using 3D Secure? That doesn't sound right. I'd think the merchant is on the hook exactly as much either way.
- swiftcoder 5mo ago> Does the end customer get more post-transaction protections when not using 3D Secure? That's not quite how it works. The merchant gets less protections, because they are opting to allow potentially fraudulent transactions. The difference is whether Visa eats the cost of dealing with the fraudulent transaction
- jonkoops 5mo ago> After typing your card numbers Yes, but the whole point of Wero is that you don't have to type in a bunch of info that can be easily stolen. With Wero (and many other international solutions), you just scan a code with your phone, and your banking app handles the transactions. The existing legacy solutions are just duct tape on an existing system.
- graemep 5mo agoSo you have to use a phone or does it work without one? Does it handle credit card payments?
- deleted 5mo ago[deleted]
- gpvos 5mo agoThe QR code just contains a URL to a website, so you can also just use that link and a web browser. That website will let you choose which bank you use, and then redirect to your bank's website which will use your bank account directly. I don't think it works with cards at all.
- graemep 5mo agoThanks, that sounds pretty good.
- lxgr 5mo agoIf 3DS and chip + PIN card usage were ubiquitous, the value of a stolen card number and even card would be zero, and this entire problem would go away. Unfortunately, legacy deployments have just proven too pervasive to effect real change, even with substantial incentives, especially in early card adopting markets such as the US.
- andix 5mo agoAren't they ubiquitous and required at least for 5-10 years now?
- Hamuko 5mo agoThis is pretty much every payment I do in Finland works. Always have to go and verify it using my online banking credentials after I've entered the numbers. Does make me wonder why I need to bother with the whole number, expiry and CVV bullshit anyway.
- Tepix 5mo agoThe problem is that these are all US systems.