YouTrip Thailand Launches First-in-Market In-App 3DS 2.0 for Enhanced Fraud Detection and Safer Online Payment Experience
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BANGKOK, THAILAND -
Media OutReach - 17 July 2023 -
YouTrip,
Thailand’s leading multi-currency digital wallet launched in
collaboration with Kasikornbank, introduces 3-Domain Secure 2.0 (3DS
2.0) authentication feature to offer users a more secure payment
experience when making online transactions. Being the first in the
Thailand market to integrate the 3DS 2.0 technology into the app, this
re-emphasises YouTrip’s commitment in making digital payment experiences
safer, smarter and more convenient.
Growing Preference for E-Commerce
Since the pandemic, YouTrip observed the annual e-commerce
transaction volume has grown by 4.6x over the past two years as more
consumers shift towards online shopping for its convenience and
accessibility. However, despite the shift in preference for e-commerce
purchases, around
70 percent of those Kasikorn Research Center (K-Research) surveyed
shared that they have assumed a more cautious stance in choosing online
stores and payment methods due to cybersecurity concerns.
Juthasree (June) Kuvinichkul, Founding Partner of YouTrip Thailand,
said: “Seeing the upward growth in YouTrip transactions on local and
overseas online merchants, the 3DS 2.0 introduced to our digital wallet
will serve as an additional layer of security to reduce fraudulent
activities in online transactions. The 3DS 2.0 prompts users to
authenticate their purchases seamlessly through the app instead of a SMS
One-Time password, which is riskier due to the increasing phishing
scams, allowing users to make online purchases with an ease of mind."
Seamless and Safer Borderless Payment Experience
Users will be prompted to authorise their online payment through their
YouTrip app. It provides them greater control over the transactions made
as users would be able to go through the transaction amount and
merchant information before authenticating the payment.
The in-app verification process also allows users who are travelling to
enjoy a more seamless experience as the authentication process is done
via the app, and not through the SMS OTP which they may not be able
access when they are overseas.
By analysing over
150 key data points related to the transactions,
YouTrip 3DS 2.0 technology is able to better determine if the purchase
is actually made by the user and serve as a fraud detection tool to
identify fraudulent transactions. With 10 times more risk assessment
data points than its predecessor, 3DS 2.0 provides a more robust
risk-based authentication to screen online merchants, allowing users to
shop securely.
YouTrip is a Southeast Asian financial
technology company dedicated to creating the next-generation of digital
financial services for consumers and businesses. In 2018, it launched
the region's first and leading multi-currency payment app in Singapore
and subsequently in Thailand, in partnership with Kasikornbank in 2019.
To date, it has received over 1.5 million downloads and processed close
to 20 million transactions.
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