Verify the details of your online transactions using the Verified By MasterCard service. The online merchant should verify the details of a purchase before sending the order to the credit card provider. Use the “One Time password” sent to you via email on the Verified By MasterCard SecureCode Service page. Enter your MasterCard SecureCode One Time Password to gain access.
The “2-step verification” that is offered by some merchants is also supported in the MasterCard program. This special code is sent in an email to the customer's email, as an activation offer. You will then be prompted for a user name, password and other security layer details. This is the fastest way to complete secure online transactions for many merchants and is the same process used by banks and financial institutions. In most cases, this process is used with an internet merchant account.
Many merchants and online businesses have realized that adding the extra security layer of verifying the authenticity of the user name and password can increase their customer satisfaction. It will make their transactions more secure and safe and also help them to protect themselves from phishing scams. The increased security helps them identify suspicious or unauthorized purchases which will result in the immediate ejection of the transaction from their credit cards.
Many merchants still do not take advantage of this valuable security option. They are required to verify their customers' identities at checkout. However, they could achieve more protection if they enabled the use of the ACS verification system. Merchants can also improve their authentication effectiveness by adding the OUI or OVA codes. These are quick, secure and may be processed even before the customer actually touches their card.
Another benefit that merchants should take advantage of is the enhanced OUI authentication feature. This will allow them to authenticate their cardholders using their unique securecode instead of their username. This special code will only allow them to process the transaction if they possess the corresponding smart-card or smart-phone device. OUI is usually used in restaurants where the dining card holder's special code is used during checkout. This special code will make them eligible for a discount. However, some merchants still fail to take advantage of this convenient option.
Some merchants may still prefer to process the transaction using OVA instead of the OUI. They will be able to protect their cardholders from phishing scams by using the OVA code instead of their username. To implement the OVA code, they can install a plug-in called the OUI Authenticator. This plug-in will be automatically inserted whenever a user makes a payment via their credit card. The only thing the merchant has to do is to configure the payment page and its security features.
The OVA code will be converted into a strong-hash based digest before being sent to the network. Once this digest is received by the network, it will encrypt it using a random key to ensure the cardholder's personal information is protected. After successful encryption, the encoded result will be converted into a challenge. The challenge will need to be sent to the OUI Authenticator to successfully authenticate the cardholder. The resulting challenge will be sent back to the merchant client, which will verify the challenge and if the transaction is authorized, will proceed to complete the purchase.
Verified by Mastercard is a very convenient and practical option for merchants. The increased security and flexibility provided by this advanced cardholder authentication will definitely give them an edge over other online stores. In order to make full use of the added security feature, however, they must be willing to install and use the OVA token and smart-card authentication software.
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