August 24, 2016
Computop Offers American Express SafeKey to Merchants
June 26, 2014
German PSP Computop this week began offering online merchants in the U.K. using its Paygate 6 payment gateway the opportunity to implement SafeKey—American Express’ version of 3D Secure authentication technology. SafeKey is an added layer of consumer authentication that requires shoppers to use a one-time password they get via text or email when they complete an e- or m-commerce transaction.
In the past, retailers have been slow to adopt 3D Secure because they felt it negatively affected conversion rates. Evidence is mounting, however, that consumers are becoming increasingly concerned with the security of their personally identifiable information and could be willing to use the technology to make transacting online safer. A recent report even found in certain countries—including the U.K.—use of 3D Secure technologies like SafeKey actually increases conversion.
Computop noted in its announcement that SafeKey benefits merchants in two ways: it’s an added layer of fraud-prevention at no additional cost and when a shopper chooses to use SafeKey the merchant is not liable for a chargeback in the case of a dispute.