November 14, 2019

Cayman: Butterfield introduces EMV 3-D Secure as new fraud prevention standard for online purchases

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Hamilton, Bermuda and George Town, Grand Cayman—8 August 2019: Butterfield has today adopted 3-D Secure (2.0) as its new standard for protecting customers who use their credit and debit cards for online purchases .

EMV 3-D Secure was developed by EMVco (representing Europay, Mastercard, and Visa) as a new way to validate card transactions to decrease the incidence of fraud and false declines, whilst making transactions more straightforward for customers. This more secure service is available through participating online merchants. 

EMV 3-D Secure uses sophisticated logic to authenticate online transactions, and, in practice, automatically checks and clears more than 95% of transactions using stringent, dynamic criteria.  Where an online transaction can’t be fully authenticated in the background, a box will appear on the customer’s screen (PC, phone, or tablet), asking them to call in to authenticate the purchase.

EMV 3-D Secure enhances the existing Verified by Visa and Mastercard SecureCode online verification tools, providing a more secure two-factor authentication method that allows purchases without the need for customers to remember static passwords or use different authentication methods when using different device types. EMV 3-D Secure provides a consistent experience across all devices and channels.  

Peter Jackson, Butterfield’s Group Head of Card Services, said “EMV 3-D Secure is an innovative fraud-prevention solution; one that makes things both more secure and more convenient for our customers.  It is the latest in a series of upgrades to our card products that we’ve introduced over the last few years, including Chip and PIN technology, and contactless payment on select products.  We have worked closely with our partners at Visa and Mastercard to configure EMV 3-D Secure for our markets and deliver better online shopping security to consumers in Bermuda and the Cayman Islands.”

About Butterfield:

Butterfield is a full-service bank and wealth manager headquartered in Hamilton, Bermuda, providing services to clients from Bermuda, the Cayman Islands, Guernsey and Jersey, where our principal banking operations are located, and The Bahamas, Switzerland, Singapore and the United Kingdom, where we offer specialized financial services. Banking services comprise deposit, cash management and lending solutions for individual, business and institutional clients. Wealth management services are composed of trust, private banking, asset management and custody. In Bermuda, the Cayman Islands and Guernsey, we offer both banking and wealth management. In The Bahamas, Singapore and Switzerland, we offer select wealth management services. In the UK, we offer residential property lending. In Jersey, we offer select banking and wealth management services. Butterfield is publicly traded on the New York Stock Exchange (symbol: NTB) and the Bermuda Stock Exchange (symbol: NTB.BH). Further details on the Butterfield Group can be obtained from our website at: www.butterfieldgroup.com.

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