Amsterdam, 21st July 2015 – eMerchantPay Group, a principal member of Visa and MasterCard, has partnered with Australia based iSignthis Ltd (ASX : ISX) to address strict and increasingly challenging global Anti-Money Laundering (AML) and Counter Terrorism regulations. iSignthis’ patented Evidence of Identity (EOI) process will allow eMerchantPay Group to offer the highest level of online payment security and Know Your Customer compliance to merchants that utilise their services.
The European Central Bank’s Third Report on Card Fraud (2014), examining fraud in the Single Euro Payments Area (SEPA) until 2012, found Card Not Present (CNP) fraud, mostly associated with online retail transactions, represented the largest amount and fastest growing category of card fraud.
In response to these findings, the European Banking Authority published SecuRE Pay in late December 2014, which is a set of guidelines that establish new minimum security requirements for Payment Service Providers in the SEPA region. With the publication of these guidelines, iSignthis and eMerchantPay Group can meet SecuRE Pay’s compliance requirements, which take effect progressively from 1st August 2015 for European acquired transactions1.
Integration of the iSignthis process with eMerchantPay Group allows eMerchantPay’s merchants to take advantage of the partnership as of today.
iSignthis’ global reach and application are further proven by this collaboration with eMerchantPay Group; together we will meet global regulations, provide secure online payments and minimise customer friction.
eMerchantPay is an established payment service provider that provides international online, mobile and POS payment processing services to merchants across the globe. eMerchantPay’s fraud prevention services and payment processing solutions enable merchants to increase their conversion rates, expand their customer reach and prevent fraud. Innovative payment solutions, processing in more than 150 currencies and various languages, plus dedicated account managers providing personal service make eMerchantPay a knowledgeable specialist and an innovative partner for businesses of all types and sizes. See www.emerchantpay.com
About iSignthis Ltd (ASX: ISX)
iSignthis is an intuitive and non-intrusive payment and identification authentication service. Any transaction from any card can be authenticated at checkout to safeguard against online fraud and ensure anti-money laundering regulation compliance. iSignthis’ unique solutions protect online customers whilst providing confidence through AML/CTF KYC compliance solutions for merchants and payment service providers. See www.isignthis.eu
What is CNP fraud?
Card Not Present (CNP) fraud is the unauthorised use of a credit card when the customer and the merchant are not transacting face to face, such as e-commerce or over the telephone.
Single Euro Payment Area (SEPA) CNP fraud facts:
- Total value of CNP in SEPA increased by 20.6% to €958 million from 2012 to 2014.
- In 2013, CNP fraud accounted for 66% of total card fraud for the region, steadily increasing since 2008 with the introduction of EMV measures.
- For delayed debit and credit cards, CNP fraud was the most common type of fraud, accounting for 75% of the total value, followed by fraud occurring at POS terminals (19%) and ATMs (6%).
- CNP Fraud in the UK was 157% more prevalent in 2012 than in 2001.
- See European Central Bank’s Fourth Report on Card Fraud
1.EBA issues guidelines to strengthen requirements for the security of internet payments across the EU.