ElectraCard Services launches Electra Secure™ to protect users from fraudulent e-commerce transactions

3 November 2008

Electra Card Services (ECS) today launched Electra Secureâ„¢, a 3D Secure compliant offering, to safeguard member card holders and issuers from credit card frauds on the internet.

3D Secure stands for Three Domain Secure and is a technical standard developed by Visa and MasterCard to further secure CNP (card not present) transactions over the Internet. MasterCard’s system is known as 'MasterCard SecureCode®' and Visa calls theirs 'Verified by Visa®'. The technology is designed to reduce the risk of fraudulent card use by authenticating the cardholder at the actual time of the transaction

Electra Secureâ„¢ is a specialized offering from ECS to specifically cater to ecommerce (card not present) transactions comprising of-

a. Electra MPI (Merchant Plug in) for acquirers of Visa and MasterCard products

b. Electra ACS (Access Control Server) for Visa and MasterCard issuers to protect their cardholders from fraud in e-commerce transactions

Both products support the current versions of ‘Verified by Visa’ and ‘MasterCard Secure Code’.

Electra ACS includes an Enrollment Server to enable an issuer to enroll cardholders.

Electra MPI is a centralized MPI which can be integrated with any Internet Payment Gateway that supports 3-D Secure. It supports all kinds of debit and credit cards. Minimal integration is required for merchant websites.

Speaking on this occasion, Mr. Ramesh Mengawade, CEO, ElectraCard Services said,” Electra ACS is our effort to enrich online shopping experience by promoting secure ecommerce transactions. Electra ACS not only provides cardholders / merchants to transact online in a secured environment but also helps Banks minimize huge financial losses caused by malicious intent.”
Electra Secure has been launched successfully in a large multinational bank with a strong presence in India.

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