Milan, Italy, and San Jose, Costa Rica - 1 March 2017 – Online shopping is on the rise in South and Central America with expectations of purchases to reach $84.75 billion in 2019. With eCommerce growth around 40% in the top LatAm markets and as high as 70% in some countries, concerns are also growing about corresponding increases in fraud. MasterCard and Visa are encouraging both card issuers and payment gateways to enhance security for online and mobile transactions to offset these risks.
TAS Group, a leader in secure payment solutions, and CewTec, provider of IT safety services throughout Central and South America, have partnered to address ePayments fraud risks introducing new electronic Access Control System (eACS) and merchant plugin (MPI) offerings to financial institutions. The eACS solutions benefit issuers by enabling cardholder authentication for online purchases. Merchants can then reduce their fraud liabilities by using MPI solutions.
“Recognizing the need for both banks and merchants to build strong eCommerce strategies addressing the accelerated growth in Latin American, our partnership with CewTec offers customers topnotch solutions through licensing or SaaS to help them in the day-to-day operations focused on fraud reduction and identity asset management (IAM) procedures,” said Andrea Bianchi, Head of Sales - Iberia and South America.