Press release from Business Wire
Wells Fargo Leads Fraud Management by Launching 3-Domain Verification for Commercial Card Customers
Wednesday, May 22, 2013
Wells Fargo Leads Fraud Management by Launching 3-Domain Verification for Commercial Card Customers08:15 EDT Wednesday, May 22, 2013
SAN FRANCISCO (Business Wire) -- Wells Fargo & Company (NYSE: WFC) today announced that it now offers free, 3-Domain Secure technology* – known in the payments industry as 3-D Secure – to protect online purchases by its WellsOne ® Commercial Card customers. Among U.S. banks, Wells Fargo is the first commercial card issuer to deploy this fraud management tool.
“The risk of fraud grows every day,” said Mary Mazzochi, senior vice president and manager of the Commercial Card product suite at Wells Fargo. “This technology is targeted at mitigating fraud as it moves from the point of sale to online channels. It's what we do at Wells Fargo: find new ways to protect our customers' businesses.”
3-D Secure enhances online payments security by verifying cardholder identity and merchant credibility, thus reducing e-commerce fraud. Comparatively, EMV- (EuroPay, MasterCard and Visa) compliant cards contain an embedded microprocessor chip that verifies the cardholder and combats point-of-sale fraud.
Wells Fargo provides WellsOne Commercial Card customers with MasterCard's and Visa's 3-D Secure online purchasing programs – MasterCard® SecureCode™ and Verified by Visa. WellsOne Commercial Card customers can register their existing, eligible commercial card and create a unique passcode by following easy steps at http://www.wellsfargo.com/com/ or register during checkout with a participating merchant. Once registered, cardholders are presented with their self-selected Verified by Visa or MasterCard SecureCode authentication greeting and enter their passcode during the online checkout process.
Introduction of EMV-Compliant PIN and Chip WellsOne Commercial Card
In a related enhancement, Wells Fargo is also issuing EMV-compliant WellsOne Commercial Cards with an embedded microprocessor chip and traditional magnetic stripe to customers; the customer is required to supply a personal identification number (PIN) at the point of sale. This technology provides Wells Fargo Commercial Card customers added safety and convenience when shopping with merchants that employ EMV Chip and PIN payment systems, yet still work with merchants that continue to use traditional magnetic stripe terminals.
Offering 3-D Secure to corporate and commercial customers is the latest Wells Fargo Treasury Management innovation in its industry-leading program to deliver the most-advanced technology and services to its customers. Other Wells Fargo industry firsts include:
- In 2000, Wells Fargo introduced the Commercial Electronic Office ® (CEO ®), a first-to-market financial services portal for midsized companies and large corporations.
- In 2007, Wells Fargo became the first major U.S. financial services company to offer a mobile service for businesses with the introduction of the CEO Mobile ® service.
Wells Fargo Fraud Information Center
Learn about MasterCard Secure Code and Verified by Visa purchasing protection and strategies you can use to help protect against check fraud, ACH fraud, and commercial card fraud by visiting the Wells Fargo Fraud Information Center at https://www.wellsfargo.com/com/fraud.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.4 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, and the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank's customers who conduct business in the global economy. With more than 270,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune's 2013 rankings of America's largest corporations. Wells Fargo's vision is to satisfy all our customers' financial needs and help them succeed financially.
*3-D Secure incorporates three domains – Issuer (Wells Fargo), acquirer (merchant and banks being paid) and interoperability (infrastructure provided by the card company (i.e. MasterCard or Visa) to read the 3-D Secure protocol).
Wells Fargo & Company
Andrea Mahoney, 415-222-4722 (Media)