Verified by Visa enables participating card-issuing banks to validate a cardholder's identity through the use of a password during the online checkout process. This new password protection gives consumers greater control over when and where their card is used, further reducing the potential for unauthorised card use on the Internet.
"E-commerce transactions across South Africa in 2003 increased by 75 percent when compared to 2002 and according to AC Nielson Research, Visa is the preferred method of online payment, with at least 40 percent of online payments being made with Visa credit or debit cards," says Chris Winter, general manager for sub-saharan Africa at Visa International. "However, as the number of people making use of the Internet for online payments and purchases increase, so do their security concerns and in answer to these concerns, Visa developed Verified by Visa - a unique solution that provides card holders with added peace of mind and an extra level of protection when shopping online."
As well as benefiting consumers, Verified by Visa also delivers benefits to merchants and financial institutions, as merchants who adopt Verified by Visa benefit from guaranteed payment for the most common type of e-commerce disputes such as cardholders claiming they did not perform the transaction.
Verified by Visa is based on the 3-D Secure protocol, a globally interoperable technology developed by Visa International for secure payments, that is being used by all major payment associations, therefore participating card-issuing banks will have the added ability to validate a cardholder's identity through authentication methods such as password protection.
"Cardholders only need to enter their password in the same way they would enter their PIN at an ATM, giving them the same assurances when using their card in a physical store. Verified by Visa allows consumers secure online shopping wherever they are, whether at home, the office or using their laptop. Verified by Visa works with just about any PC with an Internet connection or any Internet capable device. There is no special software to install," says Winter. "Once the card is activated, a person simply shops like normal - and their Visa card number is automatically recognised at the checkout."
Cardholders may activate Verified by Visa in a number of ways. Card issuers typically provide an online activation site and have integrated Verified by Visa activation in the card issuer's online banking site. Additionally, cardholders may also activate during shopping at participating merchants. From here a user only needs to enter their password and click submit when shopping online. The user's identity will be verified and the purchase process will proceed.
"In our long history of providing a secure payment system, we've learned there is no single solution. Adding the password protection of Verified by Visa to our arsenal, will bolster confidence among online consumers. As technology continues to evolve, so, too, will our safeguards for the world's leading payment brand," says Winter.
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