Galileo Adds 3DS to Enhance Online Fraud Protection

Galileo Financial Technologies, a subsidiary of SoFi Technologies, introduced the Galileo 3D Secure (3DS) Access Control Server (ACS). This enhancement aims to protect against card-not-present (CNP) debit and credit card fraud, which is projected to reach $28.1 billion globally by 2026, a 40% increase from 2023. The adoption of 3DS in the U.S. is growing in response to the rapid rise of e-commerce. CNP fraud is expected to account for 73% of total card payment fraud loss in 2024, and using 3DS can reduce fraud rates by up to six times compared to non-3DS transactions, according to a report by Datos Insights.

3D Secure, developed by the card networks, adds an extra layer of security to online transactions by requiring cardholders to verify their identity, often through a password or a one-time code. Galileo 3DS improves the customer experience by streamlining the authentication process, reducing fraud, and shifting the liability of chargebacks. The Galileo 3DS Customer Portal is a self-service tool that allows clients to manage security rules and create custom risk scores based on customer profiles. These risk score-based rules can be quickly adjusted to adapt to changing fraud and risk criteria.

Custom Benefits Across the Payments Ecosystem:

• Enhanced Fraud Protection: Dynamic risk rules respond based on each transaction’s risk level.
• Chargeback Liability Shift: For payments authenticated using 3D Secure, liability shifts from the business to the card issuer, protecting them from disputes.
• Advanced Risk Management: Access to enriched fraud intelligence helps refine security measures.
• Self-Service Tool: Clients can monitor key metrics, review transactions, adjust risk profiles, and generate reports.
• Real-Time Data and Trend Analysis: The 3DS Customer Portal provides real-time updates and comprehensive analytics for proactive risk management.

David Feuer, chief product officer at Galileo, stated, “With CNP fraud on the rise, 3D Secure empowers our clients to proactively manage risk while ensuring a seamless customer experience in a secure payment environment. This enhancement reflects our commitment to building global products at the forefront of financial technology and security.”

Galileo 3D Secure is now available to organizations in the U.S, Canada, and Latin America, offering a scalable, customizable solution for fintechs, established financial institutions, and e-commerce merchants.

For more details on integrating Galileo’s 3D Secure into your payment system, visit docs.galileo-ft.com/pro/docs/3-d-secure-access-control-server.