With the rise of online shopping, credit card fraud has been a problem which arousing people’s attention. A growing number of online merchants worldwide use 3D Secure(3DS) at checkout to match the identity of the shopper with the cardholder.
What is 3D Secure(3DS)?
For extra fraud protection, 3D Secure requires customers to complete an additional verification step with the card issuer when paying. Typically, you direct the customer to an authentication page on their bank’s website, and they enter a password associated with the card or a code sent to their phone. This process is familiar to customers through the card networks’ brand names, such as Visa Secure and Mastercard Identity Check.
However, in the Stripe 3DS default setting, the system will only verify limited types of credit cards. To extend the coverage to most credit cards and make transactions more secure, merchants need to go to the official Stripe website to change the Radar settings!
Should I use Stripe 3DS?
Although it may complicate the payment process which customers need to complete verification procedures to proceed payments, we still strongly recommend that you set Stripe 3DS to avoid huge losses due to fake card transactions.
However, merchants should note that Stripe 3DS is not a free feature. Refer to the Stripe official webpage, each verification fee is HK$0.25 (subject to the latest official announcement). Even if the customer cannot complete the transaction, if Stripe 3DS is triggered during the process, the merchant still needs to pay the relevant verification fee to Stripe. If the merchant is using the Stripe service at a standard handling fee of 3.4% + HKD 2.35 per transaction, the HK$0.25 charge can be waived.
How to amend the Radar setting in Stripe?
1.After “Enable Stripe 3D verification” on the payment setting page in the Boutir app, go to https://www.stripe.com and log in to your account, then click “Setting” in the left column of the page, and then click “Rules” under ” Radar”.
2.Three setting options would be shown in the page.
- Request 3D Secure if 3D Secure is required for card
- Request 3D Secure if 3D Secure is recommended for card
- Request 3D Secure if 3D Secure is supported for card
The system will only enable the first setting “Request 3D Secure if 3D Secure is required for card” in advance. Please refer to the picture below, click “…” on the other two settings one by one, and then click “Enable” twice to activate related set up.
3.After completing the setting, the merchant can see the setting status changed from “Disabled” to “0 requested 3D Secure”
Remarks: The reference date for the above information is November 2020. Information is subject to the latest official announcement.
*The above feature is only applicable to Business plan and Business Plus plan users.
If you have any inquiry, please click here to contact our CS team: m.me/boutir.hk