Suresh Rajagopalan, President Retail Payments, FSS

Financial Software and Systems (FSS) has launched a risk-based authentication solution, FSS Secure3D, which is based on the EMVCo 3DS 2.0 protocol.

According to the supplier, FSS Secure3D deploys advanced machine learning algorithms to learn customer transaction behaviour to detect anomalous transactions and continually adjust risk controls in line with evolving fraud patterns. This allows the users a combination of merchant, cardholder, device, location and transaction related parameters to risk score each transaction and determine if it was initiated by a legitimate cardholder. Issuers and merchants benefit in terms of improved customer experience, reduced false positives and lowered incidence of fraud.

Suresh Rajagopalan, President Retail Payments, FSS stated; “Secure and seamless transaction journeys are a strategic differentiator for new-age commerce. FSS Secure3D improves risk-based decisioning capabilities and enables issuers find the sweet spot between strengthening anti-fraud measures and delivering frictionless transaction experiences. The fact that FSS is among the first few service providers globally to achieve EMVCo certification reflects our product leadership position.”

FSS Secure3D provides support for multiple stepped-up verification methods including out-of-band authentication such as one-time passcodes, as well as biometrics including facial and fingerprint recognition. It has the capability to examine data elements including spend value, volume and velocity in order to authenticate cardholders in the background.

Fss supports EMVCO 3DS 1.0 and 2.0 protocols and offers AUthentication As-a-Service on FSSNet.

Established in 1991 and headquartered in Chennai, Financial Software and Systems (FSS) is a digital payment and financial technology company offering an integrated portfolio of software products, hosted payment services and software solutions. FSS, end-to-end payments products suite, powers retail delivery channels including ATM, POS, Internet and Mobile as well as back-end functions including cards management, reconciliation, settlement, merchant management and device monitoring.

by Megha Bhattacharya
Market Analyst at IBS Intelligence