Imagine that you are going on holiday to Paris.
You have only just landed and you are already thinking about seeing the Mona Lisa, strolling down the Champs-Elysées and tucking in to some escargots. 🐌
Except that before your stay in the city of love, you have to go through border control.
It’s an intermediary positioned between your country (here, the USA) and the country you are visiting (France), to check your identity. Its role is to ensure that you are the same person that your passport says you are.
Well, 3-D Secure follows the same principle.
It’s an intermediary that is positioned between the issuing bank (the buyer’s bank, the one sending the money) and the receiving bank (the retailer’s bank, the one receiving the money), to check your identity. To do so, it asks you:
- Either to enter a code received by text message (the most frequent method),
- Or to confirm the transaction from your banking application.
In some specific cases, it may also ask you to answer a secret question, or to enter a security key. In fact, it only depends on your bank.
To recap, 3-D Secure double checks that you are the holder of the payment card that has just been used. As a result, it ensures that you stay in control of your spending. 🔒