Pennywise
Verified By Visa
by: Sahil | last updated: November 12, 2009
Category: Standard Credit Cards | Tags: Verified by Visa, internet security, fraud prevention, online security
Category: Standard Credit Cards | Tags: Verified by Visa, internet security, fraud prevention, online security
The last ten years has seen an advance in technology that has been unprecedented in the history of mankind. This technological advancement has been fuelled by the revolution in information technology. Many companies and people use the internet for their credit card transactions on an every day basis. The most important factor while on the internet is security. Verified by Visa is a program that allows consumers added security while they use their Credit Card.
A person who uses a Visa may find himself reading a message saying verified by Visa while buying certain products on the Internet. This is usually true of the airline industry while booking flight tickets. The consumer needs to set up a password in order to buy these items from the website. This can be done by contacting the credit card company and setting up the password or by following the simple steps on the website.
This plan works well with all parties involved since the scope of fraud is minimized by making online transactions secure. The credit card company has various affiliates who join up with them to make the transactions protected. This benefits the customer as well as the bank however the bank is responsible and there is a zero liability for the consumer. Therefore other credit card issuers have also started such schemes as a ploy to reduce loss from fraudulent transactions.
A customer who has not activated the verified by visa feature will be prompted to do so when he or she checks out of an affiliate merchants website. The activation process is simple and user friendly and a consumer can get assistance from the customer service directly if required.
Some credit card issuers may require additional cards and passwords in case you want to share the number with someone. This can be done by contacting the issuer and activating another card and password. Furthermore for added security there is a personal message that you can enter while activating which will automatically appear on the affiliate website when you checkout. This message serves as an additional guarantee that the transaction and card information is secure.
Verified by Visa uses the 3-D secure code which provides added protection even if someone knows your credit card number. This is able to provide the user with a password that no one else knows making online shopping and transactions more secure. Services based on this protocol have been adopted by MasterCard as well in the form of MasterCard SecureCode.
These plans have also drawn criticism because of phishing scams where a Verified by Visa window may appear that is not original. Entering any information in such a window may result in credit card related fraud or theft. Phishing scams are those in which the customer inadvertently enters the credit card information in the phishing window. Therefore it is important to call the customer service in this regard or to contact the bank directly over the phone.
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