American Express Launches SafeKey(SM) to Help Protect Merchants and Cardmembers from Online Fraud
American Express’ adoption of Visa’s 3-D Secure Protocol for SafeKey adds momentum for 3-D Secure as a global industry standard for internet authentication.
American Express today announced the launch of American Express SafeKey(SM) , an online fraud prevention solution, licensing Visa’s 3-D Secure Protocol.
3-D Secure is the technology that powers authentication services provided by payment brands around the world. It continues to be embraced by the payments industry as a global standard for payment authentication. American Express, a global payments network, will adopt 3-D Secure for Internet payment authentication, joining Visa and other international payment brands in endorsing a technology standard for secure Internet payment.
“American Express is committed to combating fraud for our merchants and cardmembers who transact online. American Express SafeKey is a new tool that will augment our fraud prevention solutions,” said Suzan Kereere, Senior Vice President of Global Network Operations for American Express. “As part of our commitment to global technology standards, American Express SafeKey was designed using 3-D Secure specifications to ensure industry-consistent processes and functionality.”
“We are pleased with American Express’ decision to license the 3-D Secure Protocol and we think this is a positive development for the industry and eCommerce. This reaffirms the position of 3-D Secure as the Internet authentication standard of choice,” said Jim McCarthy, Global Head of Product for Visa.
Visa and American Express support the development of global, open standards and recognize that a global authentication standard supports the continued growth of e-commerce. Visa continues to work with other industry leaders to accelerate the global adoption of 3-D Secure and welcomes industry participation in further expanding the global deployment of the 3-D Secure specification for Internet security and authentication. Using open authentication standards is an important and welcome step for the payments industry and the online marketplace.
American Express will enable SafeKey in Singapore and the UK on 8 November 2010 and begin working with merchants and card issuers in these markets to roll out the technology.
About American Express SafeKey
American Express SafeKey is a fraud prevention solution specifically designed to help protect American Express merchants and Cardmembers from fraudulent online transactions. The tool helps reduce unauthorized online use before it happens by confirming the Cardmember’s identity with an additional password. Cardmembers enroll in the authentication program through their card issuing bank to receive an added layer of protection. Participating merchants display the American Express SafeKey logo during online checkout offering shoppers an extra layer of security.
About American Express
American Express is a global services company, providing customers with access to products, insights and experiences that enrich lives and build business success. Learn more at americanexpress.com
Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency. Underpinning digital currency is one of the world’s most advanced processing networks – VisaNet – that is capable of handling more than 10,000 transactions a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit www.corporate.visa.com.
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