MultiSafepay launched a new security technology for American Express online transactions, the AMEX SafeKey. The security protocol is the American Express branded version of 3D Secure. Thanks to the implementation, online American Express transactions will abide to the SCA (Strong Customer Authentication) rules for remote electronic credit card payments.
What is American Express SafeKey?
American Express SafeKey is an authentication service which helps prevent unauthorized use of the American Express card online. All Amex transactions will be processed with Safekey and consumers will subsequently be redirected to a 3D verification page. It requests the consumer to confirm his/her identity with an additional authentication step. The consumer may be asked to provide a dynamic one-time code (OTC) that he/she received by email or mobile to confirm the transaction. The consumer is required to complete verification steps to prevent credit card fraud. That said, authentication with AMEX SafeKey is exempt when transactions are below 30 Euros. Moreover, American Express requirements supersede personal settings for 3DS (i.e. dynamic 3DS) and Safekey authentication rules will apply at all times.
Safer Payment environment
The American Express SafeKey does not only benefit online consumers, but also adds great value to online shops. In fact, the participating merchants can transfer the liability for chargebacks to the card issuing bank. In other words, the webshop will not be liable for losses on SafeKey transactions. Moreover, thanks to the American Express SafeKey, the number of fraudulent transactions may considerably decrease.
SafeKey and Strong Customer Authentication
As of the 14th of September (with a grace period for non American Express cards), SCA will be enforced and your credit card transactions will need to be verified by a 2-step authentication process. With MultiSafepay’s new 3D Secure, your American Express credit card transactions will be - by default - in line with the Strong Customer Authentication requirements.