ICBA Bancard, the payments services subsidiary of the Independent Community Bankers of America (ICBA), has reached an agreement with CardinalCommerce, a wholly-owned subsidiary of Visa, to combat card fraud.
As per the agreement, CardinalCommerce will offer its data-driven consumer authentication solution that will enable ICBA Bancard client banks to decreasing online fraud.
ICBA Bancard president and CEO Tina Giorgio said: “As chip-card adoption and online sales increase, fraudsters are looking to the internet for prey, which means that card-not-present (CNP) fraud will continue to rise.
“Taking steps now to protect your community bank and customers is more important than ever. The ICBA Bancard and CardinalCommerce partnership will give community banks the tools they need to combat this trend while smoothly transitioning to 3-D Secure 2.0, which is the newest e-commerce authentication protocol on the market.”
Using the Cardinal authentication tool, issuers and merchants can tap its real-time, secure, information-sharing pipeline to send transaction attributes including the IP address or shipping address to the issuer, which enables them to authenticate the transaction.
Additionally, the users will get a simplified and improved experience with 3DS 2.0, which abolishes the primary sign-up process and removes the need to use static passwords by the cardholders.
CardinalCommerce co-founder and CEO Tim Sherwin said: “Our partnership allows ICBA Bancard to offer its client banks the most technologically advanced authentication software to support the cardholders of their member banks in both reducing fraud and false positives.”