Many consumers are worried about the security of their payment data, especially in light of recent security breaches in large retailers and credit bureaus. With their customers’ safety in mind, American Express has announced SafeKey 2.0, the new incarnation of its popular and effective online authentication tool, which was built specifically for the mobile commerce space.
Coming in spring 2018, SafeKey 2.0 will offer an upgraded platform that will be able to help identify potential fraud in real-time, as well as making it easier for customers to make purchases across all digital channels. Fingerprint and facial recognition technology will be supported, and it will be useful for both traditional and emerging commerce channels, including in-app purchases and e-commerce websites.
SafeKey 2.0 will allow both merchants and card issuers to exchange more detailed information about transactions, helping to knock out fraud and make payments more seamless by reducing the number of times they need to enter a password.
Jaromir Divilek, executive vice president at American Express, said SafeKey 2.0 will address “the evolving needs of merchants, card issuers, and card members” and complement Amex’s fraud-prevention capabilities. “The number of consumers making purchases through mobile channels is continuing to grow, and the expected growth of Internet-connected devices will further fuel digital commerce activity,” said Divilek.
Many tools to prevent fraud
Amex will still support existing SafeKey 1.0 users, who will have the option to upgrade or not, once 2.0 is rolled out. The card issuer has numerous other tools to help merchants and cardmembers combat fraud, including Advanced Authorization, which uses additional information submitted by online merchants, such as email addresses, shipping addresses, and phone numbers. Accertify is another fraud-fighting tool, which helps merchants detect fraudulent activity across payment card networks. InAuth provides mobile device authentication, and a number of services also provide customer with ways to keep their information safe, including one-click alerts that let them confirm any account changes via text, email, or mobile app.
Using secure Wi-Fi channels, protecting passwords, and using only encrypted channels to send payment information can also help consumers protect themselves from fraud. American Express, as well as other major card issuers, offers zero liability for fraudulent charges, so consumers do not need to worry about being responsible for any activity on their cards that they did not authorize.