Galileo Financial Technologies Adds 3D Secure to Bolster Online Fraud Protection
Galileo Financial Technologies, a subsidiary of SoFi Technologies (NASDAQ: SOFI), has launched Galileo 3D Secure (3DS) Access Control Server to combat card-not-present (CNP) fraud. This enhancement comes as CNP fraud is projected to reach $28.1 billion globally by 2026, a 40% increase from 2023. The 3DS protocol adds an extra layer of security for online credit and debit card transactions, potentially reducing fraud rates by up to six times compared to non-3DS transactions.
Key features of Galileo 3DS include:
- Enhanced fraud protection through dynamic risk rules
- Chargeback liability shift to card issuers
- Advanced risk management using Galileo's proprietary data consortium
- Self-service tool for monitoring and adjusting security measures
- Real-time data and trend analysis
The service is now available in the U.S., Canada, and Latin America, catering to various clients from fintechs to established financial institutions and e-commerce merchants.
Galileo Financial Technologies, una filiale di SoFi Technologies (NASDAQ: SOFI), ha lanciato il Galileo 3D Secure (3DS) Access Control Server per combattere le frodi da carta non presente (CNP). Questo miglioramento arriva in un momento in cui le frodi CNP si prevede raggiungano i 28,1 miliardi di dollari a livello globale entro il 2026, con un aumento del 40% rispetto al 2023. Il protocollo 3DS aggiunge un ulteriore strato di sicurezza per le transazioni con carta di credito e debito online, riducendo potenzialmente i tassi di frode fino a sei volte rispetto alle transazioni non 3DS.
Le caratteristiche principali di Galileo 3DS includono:
- Protezione antifrode migliorata attraverso regole di rischio dinamiche
- Trasferimento della responsabilità delle chargeback agli emettitori delle carte
- Gestione avanzata del rischio tramite il consorzio di dati proprietario di Galileo
- Strumento self-service per monitorare e regolare le misure di sicurezza
- Dati in tempo reale e analisi delle tendenze
Il servizio è ora disponibile negli Stati Uniti, in Canada e in America Latina, servendo vari clienti che vanno dalle fintech a istituzioni finanziarie consolidate e commercianti di e-commerce.
Galileo Financial Technologies, una subsidiaria de SoFi Technologies (NASDAQ: SOFI), ha lanzado el servidor de control de acceso Galileo 3D Secure (3DS) para combatir el fraude de tarjeta no presente (CNP). Esta mejora llega en un momento en que se proyecta que el fraude CNP alcanzará los 28.1 mil millones de dólares a nivel mundial para 2026, un aumento del 40% en comparación con 2023. El protocolo 3DS añade una capa adicional de seguridad para las transacciones en línea con tarjetas de crédito y débito, reduciendo potencialmente las tasas de fraude hasta seis veces en comparación con las transacciones que no utilizan 3DS.
Las características clave de Galileo 3DS incluyen:
- Protección mejorada contra el fraude a través de reglas de riesgo dinámicas
- Transferencia de responsabilidad de contracargos a los emisores de tarjetas
- Gestión avanzada de riesgos utilizando el consorcio de datos propio de Galileo
- Herramienta de autoservicio para monitorear y ajustar las medidas de seguridad
- Datos en tiempo real y análisis de tendencias
El servicio ya está disponible en EE.UU., Canadá y América Latina, atendiendo a diversos clientes, desde fintechs hasta instituciones financieras establecidas y comerciantes de comercio electrónico.
갈릴레오 금융 기술(Galileo Financial Technologies)은 소피 테크놀로지(SoFi Technologies, NASDAQ: SOFI)의 자회사로, 온라인 카드 부재 사기(CNP)를 방지하기 위해 갈릴레오 3D 보안(3DS) 접근 제어 서버를 출시했습니다. 이 개선 사항은 2023년과 비교하여 2026년까지 전 세계적으로 CNP 사기가 281억 달러에 이를 것으로 예상되는 가운데 이루어졌습니다. 3DS 프로토콜은 온라인 신용 카드 및 직불 카드 거래에 추가적인 보안 계층을 제공하여 비 3DS 거래에 비해 사기율을 최대 6배까지 줄일 수 있습니다.
갈릴레오 3DS의 주요 특징은 다음과 같습니다:
- 동적 위험 규칙을 통한 강화된 사기 방지
- 카드 발급기관에 대한 Chargeback 책임 전가
- 갈릴레오의 독점 데이터 컨소시엄을 이용한 고급 위험 관리
- 보안 조치를 모니터링하고 조정하기 위한 셀프 서비스 도구
- 실시간 데이터 및 트렌드 분석
이 서비스는 현재 미국, 캐나다 및 라틴 아메리카에서 제공되며, 핀테크부터 기존 금융 기관 및 전자 상거래 상인에 이르기까지 다양한 고객을 대상으로 하고 있습니다.
Galileo Financial Technologies, une filiale de SoFi Technologies (NASDAQ: SOFI), a lancé le Galileo 3D Secure (3DS) Access Control Server pour lutter contre les fraudes par carte non présente (CNP). Cette amélioration intervient alors que l'on prévoit que les fraudes CNP atteindront 28,1 milliards de dollars dans le monde d'ici 2026, soit une augmentation de 40 % par rapport à 2023. Le protocole 3DS ajoute une couche de sécurité supplémentaire pour les transactions en ligne par carte de crédit et de débit, réduisant potentiellement les taux de fraude jusqu'à six fois par rapport aux transactions sans 3DS.
Les principales caractéristiques de Galileo 3DS comprennent :
- Protection renforcée contre la fraude grâce à des règles de risque dynamiques
- Transfert de la responsabilité des rétrofacturations aux émetteurs de cartes
- Gestion avancée des risques utilisant le consortium de données propriétaire de Galileo
- Outil en libre-service pour surveiller et ajuster les mesures de sécurité
- Données en temps réel et analyse des tendances
Le service est maintenant disponible aux États-Unis, au Canada et en Amérique latine, s'adressant à divers clients allant des fintechs aux établissements financiers établis et aux commerçants d'e-commerce.
Galileo Financial Technologies, eine Tochtergesellschaft von SoFi Technologies (NASDAQ: SOFI), hat den Galileo 3D Secure (3DS) Access Control Server gestartet, um Fälschungen bei nicht präsenter Karte (CNP) entgegenzuwirken. Diese Verbesserung erfolgt, während prognostiziert wird, dass CNP-Frauen bis 2026 weltweit 28,1 Milliarden Dollar erreichen, was einem Anstieg von 40 % im Vergleich zu 2023 entspricht. Das 3DS-Protokoll fügt für Online-Transaktionen mit Kredit- und Debitkarten eine zusätzliche Sicherheitsschicht hinzu, die die Betrugsraten im Vergleich zu Nicht-3DS-Transaktionen um bis zu das Sechsfache senken kann.
Die wichtigsten Funktionen von Galileo 3DS umfassen:
- Verbesserter Betrugsschutz durch dynamische Risikoregeln
- Übertragung der Rückbuchungshaftung an die Kartenherausgeber
- Fortschrittliches Risikomanagement unter Verwendung des proprietären Datenkonsortiums von Galileo
- Selbstbedienungswerkzeug zur Überwachung und Anpassung von Sicherheitsmaßnahmen
- Echtzeitdaten und Trendanalyse
Der Dienst ist nun in den USA, Kanada und Lateinamerika verfügbar und richtet sich an verschiedene Kunden, von Fintech-Unternehmen bis hin zu etablierten Finanzinstituten und E-Commerce-Händlern.
- Launch of Galileo 3D Secure (3DS) Access Control Server to combat rising CNP fraud
- Potential to reduce fraud rates by up to six times compared to non-3DS transactions
- Chargeback liability shift from businesses to card issuers for authenticated transactions
- Expansion of service availability to U.S., Canada, and Latin America markets
- None.
Insights
Galileo Financial Technologies, a subsidiary of SoFi Technologies, has launched a 3D Secure (3DS) Access Control Server aimed at reducing online card-not-present (CNP) fraud. Given the projected rise in CNP fraud to
For investors, the implementation of 3DS offers several noteworthy benefits. Firstly, it could lead to a reduction in fraud-related financial losses for clients. This indirectly benefits Galileo and SoFi by reducing their exposure to claims and improving their risk management capabilities. Secondly, the enhancement could attract more business from e-commerce firms and financial institutions seeking robust security measures. This expansion of clientele may drive revenue growth for both Galileo and its parent company, SoFi.
In the short term, the market might react positively to this announcement, as it demonstrates proactive steps in addressing the growing issue of CNP fraud. Long-term implications include potential savings from reduced chargebacks and disputes, as well as enhanced client retention due to improved trust and security. Overall, this development aligns with the increasing industry focus on cybersecurity and fraud prevention, positioning Galileo and SoFi as forward-thinking leaders in fintech.
The launch of Galileo's 3D Secure (3DS) Access Control Server is a notable technological advancement in the field of payment security. By integrating dynamic risk rules and real-time data analytics, Galileo's 3DS offers sophisticated fraud protection that adapts to each transaction's risk level. This not only enhances security but also streamlines the user experience by reducing the need for cumbersome authentication steps unless necessary.
The self-service tool provided to clients is particularly noteworthy. It allows businesses to manage security rules, create custom risk scores and adjust criteria as new threats emerge. This level of customization and real-time adjustment is a significant advantage for organizations looking to stay ahead of fraud trends. From a technological standpoint, the scalability and flexibility of this solution make it an attractive option for a wide range of clients, from fintech startups to large financial institutions.
Overall, this enhancement underscores Galileo's commitment to innovation and client empowerment through advanced tech solutions. It also positions them favorably against competitors who may offer more static, less adaptive security measures.
The introduction of Galileo's 3D Secure (3DS) Access Control Server is a strategic move that comes at a important time when e-commerce is booming and CNP fraud is on the rise. This new product leverages proprietary data to offer enhanced fraud intelligence, which could be a game-changer for their clients' risk management strategies.
From a market perspective, the adoption of 3DS protocols is becoming increasingly essential. Galileo's comprehensive, customizable solution, which includes real-time updates and trend analysis, gives their clients a significant edge. This could substantially reduce fraud rates—up to six times, according to recent reports—thereby lowering the operational costs associated with fraud management.
Furthermore, the shift in chargeback liability to card issuers for authenticated transactions provides a strong incentive for businesses to adopt this technology. This not only aids in risk mitigation but also enhances the overall appeal of Galileo's offerings to potential clients. The proactive approach in rolling out this solution in multiple regions, including the U.S., Latin America and Canada, indicates a well-thought-out market strategy aimed at capturing a diverse clientele base.
Galileo 3D Secure reduces CNP fraud risks across the
The adoption of 3DS in the
3D Secure, a security protocol developed by the card networks, provides an added layer of security to authenticate online credit and debit card transactions. On 3DS-enabled e-commerce sites, the cardholder must verify their identity, often done through an additional password or a one-time code.
Galileo 3DS enhances clients’ customer experience by streamlining the authentication process, while 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. Those risk score-based rules can be quickly adjusted to adapt as fraud and risk criteria changes.
Custom Benefits Across the Payments Ecosystem
- Enhanced Fraud Protection: By applying dynamic risk rules through an enhanced authentication process, 3DS responds based on each transaction’s risk level.
- Chargeback Liability Shift: For payments that are successfully authenticated using 3D Secure, the liability shifts from the business to the card issuer, protecting them from disputes.
- Advanced Risk Management: Using the data consortium proprietary to Galileo, clients gain access to enriched fraud intelligence, giving them better visibility into transaction risks, helping them refine their security measures.
- Self-service tool: Clients can monitor key metrics, review 3DS transactions, adjust risk profiles by creating, modifying or updating rules, analyze data and generate reports.
- Real-Time Data and Trend Analysis: The 3DS Customer Portal provides real-time updates and comprehensive analytics, facilitating proactive risk management and operational agility.
David Feuer, chief product officer at Galileo, emphasizes the strategic addition of 3DS: “With CNP fraud on the rise, the benefits of 3D Secure extend far beyond payment security—it's about empowering our clients across industries to proactively manage risk while ensuring a seamless customer experience in an efficient, secure payment environment. This enhancement demonstrates our commitment to building global products at the forefront of financial technology and security.”
Galileo 3D Secure is now available to organizations in the
For further details on how to integrate Galileo's 3D Secure into your payment system, visit docs.galileo-ft.com/pro/docs/3-d-secure-access-control-server.
About Galileo Financial Technologies
Galileo Financial Technologies, LLC and certain of its affiliates collectively comprise a financial technology company owned and operated independently by SoFi Technologies, Inc. (NASDAQ: SOFI) that enables fintechs, financial institutions, and emerging and established brands to build differentiated financial solutions that deliver exceptional, customer-centric experiences. Through modern, open APIs, Galileo’s flexible, secure, scalable and fully integrated platform drives innovation across payments and financial services. Trusted by digital banking heavyweights, early-stage innovators and enterprise clients alike, Galileo supports issuing physical and virtual payment cards, mobile push provisioning, tailored and differentiated financial products and more, across industries and geographies.
©2024 Galileo Financial Technologies, LLC. All rights reserved.
Galileo Financial Technologies, LLC is a technology company, not a bank. Galileo partners with many issuing banks to provide banking services in
View source version on businesswire.com: https://www.businesswire.com/news/home/20240723768713/en/
Solomon Joseph
The Fletcher Group
905.510.1400
solomon@fletchergroupllc.com
Source: Galileo Financial Technologies, LLC.
FAQ
What is Galileo 3D Secure and how does it protect against fraud for SOFI?
How much is CNP fraud expected to increase by 2026 according to Galileo's announcement?
What are the key features of Galileo's 3D Secure offering for SOFI?
In which regions is Galileo's 3D Secure service available for SOFI customers?
