Alibaba Cloud boosts security for card-based transactions

It is aimed at preventing fraudulent settlements, unauthorised authentications and falsified identity verifications

Alibaba Cloud boosts security to strengthen card-based transactions according to the media. Alibaba Cloud is considered the digital technology and intellectual backbone of Alibaba Group. It has recently secured the Payment Card Industry Three-Domain (PCI 3DS) compliance for all of its seven availability zones in Singapore, Malaysia and Indonesia.

This PCI 3DS standard is globally recognised and was established by the Payment Card Industry Security Standards Council. The global forum brings together payments industry stakeholders to develop and drive the adoption of data security standards and resources of safe payments worldwide. This latest attestation strengthens the fintech industry in Southeast Asia.

A PCI 3DS is a core security standard that gives a foundation among merchants to manage a secure exchange of information, card issuers and cardholders, especially the card-not-present (CNP) transactions. This attestation would prevent fraud settlements, unauthorised authentications and falsified identity verifications during online transactions.

Selina Yuan, President of International Business, Alibaba Cloud Intelligence, addressed the media and said, “Economies in Southeast Asia continue to grow rapidly. This region also has a strong affinity for online payments, especially through e-commerce. Getting our services and solutions certified with this best-in-class accreditation for card-based payments means we can better support companies managing online transactions by ensuring security and preventing fraud,”

Astec, an independent global information security assessment and evaluation company granted Alibaba Cloud the attestation of PCI 3DS. The company’s move to expand its security compliance is significant than ever before and demonstrates its commitment to leading the next level of growth in the digital economy era.

Related posts

Air Arabia bounces back as it reports $12 mn profit for H1

GBO Correspondent

Africa’s efforts in digital transformation is vast

GBO Correspondent

Ugandan fintech startup Asaak raises $30 million to offer motor financing

GBO Correspondent