Secure Transactions
The i-bank e-Simplify service is a safe and reliable solution for making and managing payment transactions through your company’s e-shop, given that:
it is a fully certified system, according to the international PCI DSS security standard
fully supports the EMV 3-D Secure security protocol and meets the requirements of strong customer authentication (Strong Customer Authentication–SCA), which reduces the risk of fraud in electronic transactions
supports tokenization, i.e. the secure replacement of the card details with a unique electronic code (token) used in transactions. For the security of the cardholder and the business, the details of all cards registered to be used for recurring payments are replaced with tokens which are used for the transactions
Payments with strong customer authentication, Strong Customer Authentication (SCA)
In application of the new regulatory framework and the “Strong Customer Identification” process, for the secure completion of an online transaction, the holder will be required to use 2 or more identification elements from a set of three different independent factors concerning:
Something the cardholder knows (e.g. password),
Something that the cardholder owns (eg their mobile device), or
Something the cardholder has (eg their fingerprint)
This method of confirming the customer’s identity is called “two-factor authentication” or “Strong Customer Authentication–SCA”. According to the guidelines of the European Banking Authority, the implementation of the SCA should have been completed in Greece on December 31, 2020.
What is EMV 3DS
Smooth and secure payment experience
EMV 3DS is an upgraded global security standard that allows you to offer enhanced secure payment options to your customers and will soon be automatically activated in your online store.
According to European standards, card issuers can better assess each payment in real time and across transactions
low risk, regular payments, proceed directly to authorization of the transaction while in transactions
high risk whenever an additional level of security is required they require cardholders to confirm their identity, i.e. to authorize payment they may require additional actions from the customer to identify them with the process of Strong Customer Authentication.
What are the benefits of implementing EMV 3DS for you
increased transaction security & higher protection against fraudulent transactions
immediate approval by the card issuer of payments, in the majority of transactions
improved transaction experience for your customers
reduction of the probability of not carrying out/not completing the transaction (abandonment rate)
