SALT LAKE CITY, UT, July 23, 2024 – Galileo Financial Technologies, a leader in financial technology solutions and a subsidiary of SoFi Technologies, Inc. (NASDAQ: SOFI), today announced the launch of Galileo 3D Secure (3DS) Access Control Server (ACS). This enhancement helps clients protect against card-not-present (CNP) debit and credit card fraud, projected to escalate to $28.1 billion globally by 2026—up 40% from 2023.

The adoption of 3DS in the U.S. is steadily growing in response to rapidly rising e-commerce growth. CNP fraud is expected to make up 73% of total card payment fraud loss in 2024. Using 3DS can dramatically reduce fraud rates—by up to six times compared to non-3DS transactions, according to a recent report by Datos Insights.

3D Secure, a security protocol developed by the card networks, provides an added layer of security to authenticate online credit and debit card transactions. On 3DS-enabled e-commerce sites, the cardholder must verify their identity, often done through an additional password or a one-time code.

Galileo 3DS enhances clients’ customer experience by streamlining the authentication process, while reducing fraud and shifting the liability of chargebacks. The Galileo 3DS Customer Portal is a self-service tool that allows clients to manage security rules and create custom risk scores based on customer profiles. Those risk score-based rules can be quickly adjusted to adapt as fraud and risk criteria changes.

Custom Benefits Across the Payments Ecosystem

• Enhanced Fraud Protection: By applying dynamic risk rules through an enhanced authentication process, 3DS responds based on each transaction’s risk level.

• Chargeback Liability Shift: For payments that are successfully authenticated using 3D Secure, the liability shifts from the business to the card issuer, protecting them from disputes.

• Advanced Risk Management: Using the data consortium proprietary to Galileo, clients gain access to enriched fraud intelligence, giving them better visibility into transaction risks, helping them refine their security measures.

• Self-service tool: Clients can monitor key metrics, review 3DS transactions, adjust risk profiles by creating, modifying or updating rules, analyze data and generate reports.

• Real-Time Data and Trend Analysis: The 3DS Customer Portal provides real-time updates and comprehensive analytics, facilitating proactive risk management and operational agility.

David Feuer, chief product officer at Galileo, emphasizes the strategic addition of 3DS: "With CNP fraud on the rise, the benefits of 3D Secure extend far beyond payment security—it's about empowering our clients across industries to proactively manage risk while ensuring a seamless customer experience in an efficient, secure payment environment. This enhancement demonstrates our commitment to building global products at the forefront of financial technology and security."

Galileo 3D Secure is now available to organizations in the U.S, Canada and Latin America, providing a scalable, customizable solution that supports a range of clients from fintechs to established financial institutions and e-commerce merchants.

For further details on how to integrate Galileo's 3D Secure into your payment system, visit docs.galileo-ft.com/pro/docs/3-d-secure-access-control-server.