What is the MasterCard SecureCode in the Payment Gateway?

The MasterCard SecureCode is a crucial security feature within the payment gateway that helps protect against unauthorised credit card transactions. In this blog, we will discuss Mastercard SecureCode in payment gateway in detail.

Overview on MasterCard Secure Code

As online shopping has grown exponentially in recent years, so has credit card fraud. Cybercriminals are constantly developing new techniques to steal people’s payment details during online transactions. 

To help combat this, MasterCard developed SecureCode – an advanced authentication system that adds an extra layer of security when you pay with a MasterCard online. SecureCode has now been implemented by many major online retailers and is becoming an important part of the digital payment process.

What is MasterCard Secure Code?

MasterCard SecureCode is a technology that verifies an online shopper’s identity during the checkout process. When making a purchase on a website that uses a secure code, you will be prompted to enter a password or unique passcode in addition to providing your credit card number. 

This password is usually created during the registration process with your card issuer. It identifies your credit card information as the authorised user, helping to prevent fraudsters from making purchases with stolen credit card data.

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How Does Mastercard SecureCode Work?

Here are the basic steps of how MasterCard SecureCode verification works:

1. To complete the purchase, customers must provide their card information and billing information on the online store’s checkout page.
2. The customer is then taken to a Mastercard pop-up window, where they will be asked to enter their unique SecureCode.
3. The SecureCode is linked to the customer’s card number. Entering the correct SecureCode verifies that the real cardholder is making the purchase. 
4. Behind the scenes, the SecureCode and card details are encrypted and sent to the card issuer for authentication. The issuer verifies that the details match the customer’s records.
5. If verification is successful, the issuer sends an authorisation response to the merchant to complete the transaction. This all happens very quickly during checkout.
6. The customer completes the purchase as usual. The extra SecureCode step adds an extra layer of identity validation for safer online shopping.

Benefits of Using MasterCard Secure Code

MasterCard SecureCode provides several important benefits for both merchants and consumers:

1. Reduced Fraud: Requiring the entry of a unique password during checkout helps prevent criminals from making purchases with stolen credit card numbers. This significantly reduces the risk of fraudulent transactions.
2. Increased Consumer Confidence: Consumers feel more secure knowing an extra identity check is in place when they shop online. This encourages greater use of digital payments. 
3. Protects Merchant Revenue: Fewer chargebacks mean more sales are legitimate and get paid. SecureCode helps merchants avoid losses from fraudulent orders.
4. Meets Compliance Standards: Using SecureCode satisfies requirements set by MasterCard and PCI to protect payment data. It demonstrates a merchant’s commitment to security.
5. Seamless User Experience: Once registered, entering a SecureCode is simple and quick. It adds minimal interruption to the checkout flow.

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Conclusion

MasterCard SecureCode is an important authentication technology that strengthens online payment security. By adding an extra identity check during the checkout process it significantly reduces the risk of credit card fraud for both merchants and consumers. 

Both merchants and consumers greatly benefit from the added authentication layer it provides. And as technology improves, the user experience should continue optimising as well. Overall, Secure Code plays an important role in ensuring e-commerce payment security for years to come.

Frequently Asked Questions (FAQs)

1. What is MasterCard SecureCode?

MasterCard SecureCode is an advanced authentication system developed by Mastercard that adds an extra layer of security when making online payments with a Mastercard. It verifies the identity of the online shopper during checkout by requiring them to enter a unique password or passcode in addition to their card details.

2. How does MasterCard SecureCode work? 

It works by linking a unique password to the cardholder’s account. During checkout, the shopper must provide their card details and billing info as well as enter their SecureCode password. This is validated by the card issuer to authenticate that the real cardholder is making the purchase before authorising the transaction.

3. Who uses MasterCard SecureCode?

Many major online retailers and merchants have implemented MasterCard SecureCode to protect against credit card fraud during online transactions. It has become an important standard security feature for securing digital payments on supported e-commerce platforms.

4. What are the benefits of MasterCard SecureCode?

Key benefits include reduced fraud, increased consumer confidence, protection of merchant revenue, meeting compliance standards, and providing a seamless checkout experience for users.

5. How secure is the MasterCard SecureCode system?

MasterCard SecureCode uses encryption and secure protocols during authentication. The unique password is never transmitted in plain text. It provides strong security comparable to other advanced authentication systems like 3D Secure 2.0.