Uk-based fintech SumUp and payment tech expert Netcetera have partnered up to protect small merchants from fraud.
Announcing the partnership, SumUp said the software firm had provided a solution that ensures they have a highly powerful, reliable Access Control Server (ACS), as it is a key part of the authentication process.
The new software supports an increased level of security and minimises touchpoints in the transaction flow, meaning that the cardholder can skip cumbersome multi-step processes and switching between apps to pay.
The company described it as a “gamechanger for smaller businesses,” in which they can sell their products online more easily, maximise conversion rates and still offer high-level protection against fraud.
As online purchases have soared in the last few years, so has the level of online fraud. In 2021, e-commerce fraud in the UK jumped to GBP 1.3 billion. As many merchants make the transition to online stores, ensuring their transactions are protected is crucial.
The Covid-19 pandemic and developing FinTech trends pushed the use of debit and credit cards, QR codes and similar for Card-Not-Present transactions, which are easier to compromise. On top of this, consumers are increasingly making purchases from mobile devices.
As the payment protocol 3-D Secure was originally designed for web purchases, there are additional security steps to be taken for these such as OTO and OOB authentication, which is now mandated by payment schemes to ensure that it is really the cardholder making the purchase.
Through this partnership SumUp and Netcetera said they were aiming to democratise access to leading security solutions for small merchants in the UK.
David Tatarishvili, Head of Business Operations Banking Tribe at SumUp added, “Our userbase’s security has always been our foremost priority; collaborating with Netcetera ensures that all our merchants, and their customers, are protected against e-commerce fraud and other security risks. By providing SMEs with ACS, it sets up a comprehensive line of defence against cyber criminals, saving merchants both time and money.”
