3D Secure Authentication Industry:
- 3D secure authentication is a fraud-prevention security system for credit and debit card transactions processed online. During card payments, 3D secure authentication adds an additional layer of security. It provides clients with a safe authentication step before they can shop online, assuring that they are using the appropriate card details and minimizing the risk of card payment fraud. Fraudulent online activities, such as identity fraud and unauthorized card use, is greatly reduced when using 3D secure authentication. It protects the cardholder’s personal details and increases customer trust. With 3D secure authentication, one can check if a buyer is an authorized cardholder. If a fraudster attempts to make a purchase at an online shop, 3D secure authentication will prevent it, and users do not have to worry about refunds or disputes. 3D secure authentication is widely deployed in all countries across the world, and it has a long track record of identifying credit card fraud issues for businesses, payment gateways, and banks. This in turn is expected to drive the 3D secure authentication industry.
- The COVID-19 pandemic has positively impacted the 3D secure authentication industry. As a result of the COVID-19 outbreak, the U.S. became the world’s worst-affected country in 2020, prompting governments to implement a number of restrictions on enterprises in the country in an effort to stem the disease’s spread. But the closure of enterprises and public events has had no direct influence on the industry, as the adoption of e-commerce channels has increased exponentially throughout the epidemic, resulting in a surge in online payment methods. This in turn is anticipated to create significant opportunities for the 3D secure authentication industry during the forecast period.
- E-commerce and m-commerce sales around the world are increasing as a result of the surge in smartphone sales and internet penetration. There has been a considerable increase in online fraud as online shopping portals have grown in popularity and online payment methods are more widely accessible. This factor is driving the adoption of 3D authentication technology.
- In addition, the global 3D secure authentication industry is primarily driven by the increasing usage of 3D secure technology to prevent card misuse and payment loss, as well as to improve security against fraud loss. Customer satisfaction increases when 3D secure authentication is used, such as Verified by MasterCard Secure Code or Visa.
- Moreover, the risk of fraudulent transactions and disputed transactions is reduced with 3D secure authentication. Although the additional security layer may reduce the number of completed transactions, it does make payments safer, which is projected to drive industry growth.
- Widespread implementation of 3D secure authentication in consumer electronics, ATMs, POS machines, and others is also likely to drive the target industry
Key Players Operating in the Global 3D Secure Authentication Industry
Providers of 3D secure authentication solutions are implementing development strategies to enhance their presence and consolidate their share in the industry. 3D secure authentication providers have adopted major growth strategies such as product acquisitions, partnerships and launches, and forming regional and global distribution networks in order to expand their presence in the industry.
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