ICBA Bancard Partners With CardinalCommerce For Cardless Authentication

ICBA Bancard, the payments services unit of the Independent Community Bankers of America (ICBA), announced Wednesday (Sept. 13) a new partnership with CardinalCommerce.

In a press release, ICBA Bancard said with the partnership, CardinalCommerce will provide its data-driven consumer authentication solution, which helps reduce online fraud for ICBA Bancard client banks. “As chip-card adoption and online sales increase, fraudsters are looking to the internet for prey, which means that card-not-present (CNP) fraud will continue to rise,” said ICBA Bancard President and CEO Tina Giorgio in the press release. “Taking steps now to protect your community bank and customers is more important than ever. The ICBA Bancard and CardinalCommerce partnership will give community banks the tools they need to combat this trend while smoothly transitioning to 3-D Secure 2.0, which is the newest eCommerce authentication protocol on the market.”

According to ICBA, the partnership will provide an extra layer of protection for banking customers. Through Cardinal’s cardless authentication tool, issuers and merchants can leverage its real-time, secure, information-sharing pipeline to send transaction attributes to the issuer, such as the IP address or shipping address used during the purchase, in order to verify the validity of the transaction. The technology also removes the need for cardholders to use static passwords, which can slow down the checkout process and lead to cart abandonment.

“We are pleased to work with ICBA Bancard to support community banks as they address increased fraud head on,” said Tim Sherwin, co-founder and CEO of CardinalCommerce, in the same news release. “Our partnership allows ICBA Bancard to offer its client banks the most technologically advanced authentication software to support the cardholders of their member banks in both reducing fraud and false positives.”


New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.