Mississippi-based payment fraud prevention specialist SecureBuy has announced plans to donate access to its SecureBuy 2.0, 3-D Secure MPI to online retailers through a 10-year royalty-free license, a press release revealed on November 19.
Best known as Verified by Visa, MasterCard SecureCode and American Express SafeKey, 3-D secure confirms online credit and debit transactions and shifts liability to card-issuing banks. In turn, card-not-present (CNP) merchants are better able to protect themselves from online fraud and chargebacks, while consumers are given an additional safeguard during the buying process (Jump to 0:36).
Greg Wooten, CEO of SecureBuy, indicates that 15 percent of small merchants and 35 percent of large businesses are currently using the protocol, but that these numbers are low compared to the goals originally set by networks. Over time, Wooten suggests, 3-D secure has evolved into a for-profit tool, one that is detrimental to the online commerce ecosystem.
Wooten told Market Platform Dynamics (MPD) CEO Karen Webster in an exclusive interview that SecureBuy’s dramatic offer is its way of giving back to the online community as it faces new challenges from EMV and increased U.S. CNP fraud (Jump to 12:36).
“I think we all have a responsibility to contribute to doing anything that we can to combat payment fraud, to stabilize the environment, and the 3-D secure protocol is the crown jewel in the space. But, it has somewhat become a commodity and how its deployed in the space largely has to do with the expenses associated with that 3-D secure,” Greg Wooten, CEO of SecureBuy, told PYMNTS.com in an interview (Jump to 7:28).
Still, SecureBuy isn’t simply giving its services away to its detriment, though it anticipates millions in losses stemming from the offer. Why does Wooten believe the promotion will benefit both his company, his customers and his bottom line in the long run (Jump to 9:49)?
To learn more about SecureBuy, 3-D secure and the company’s latest offer, listen to our complete podcast with Wooten below.
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Greg Wooten, Chief Executive Officer, SecureBuy
SecureBuy CEO Greg Wooten is an eCommerce industry pioneer and a recognized authority on eCommerce fraud and Cybershoplifting. Mr. Wooten, who joined SecureBuy in 2012 and simultaneously helms SecureBuy and payment processing leader USDT Corporation, has spent over three decades as an executive at Fortune 500 corporations and private firms in the emerging technologies and financial services industries. A frequent speaker on the topics of business automation, payment processing, eCommerce and payment fraud prevention for such companies and organizations as AT&T, CNP Expo, Magento Inc., Nielson Media, US Financial Services Group, USDT Corporation and the Direct Marketing Association, Mr. Wooten remains dedicated to the fight against eCommerce fraud in all its forms. Additionally Mr. Wooten is a member of the Electronic Transactions Association 2013 – Industry Relations Committee.