What is Visa Secure? As mentioned, Visa 3D Secure is an innovative security scheme initiated by Visa to guard the financial transaction of its customers against identity theft. While most 3D security systems invariably require a one-time pin (OTP) while transacting with a participating financial merchant, Visa does not normally do so. For instance, when you order from an online store using your credit card, the merchant does not ask you to produce a one-time pin or a temporary security code.
However, for online transactions or online purchases, many merchants still ask for these things. And why shouldn't they? After all, if a financial institution, say, a bank, cannot protect your card details from theft – what on earth can you possibly expect the government or the companies that provide the service to do? This is precisely the reason why Visa has launched such a scheme and why it is being enforced by legislation.
Visa is keen to point out that the implementation of the Visa Secure logo is a voluntary activity by merchants and cardholders alike – nobody is forcing them to do it. If you have been a cardholder for several years and have never used your plastic card to make a purchase, then you have no business getting involved in the Visa Secure security program. You should, however, ensure that your credit card information is kept safe at all times. The easiest way to do that is to have the website of your chosen credit card company encrypted.
Encrypted websites will ensure that only those with the proper authorization can transact with your Visa-MasterCard transactions. In other words, merchants and cardholders are only able to transact with each other while their data is protected. For any customer who doubts the efficacy of this encryption, all he has to do is look at the millions of fraudulent transactions that occur every day and realize that it is indeed a risk worth taking.
For cardholders, the benefits of Visa's Visa Secure logo security program are two-fold. On one hand, the absence of encryption ensures that sensitive data remains safe from hackers. On the other hand, users get better protection from fraud in online transactions. Since people cannot be trusted, it becomes essential for the merchants and online cardholders to take steps to mitigate the risk of fraudulent transactions. Through the use of Visa secure, these people can be sure that their transactions are free of danger.
With this added security, customers can expect to undergo a more comprehensive check of the details they provide. The additional information is used as a means of ensuring that the person is who they say that they are. For instance, a customer authentication process can ask for additional information such as a social security number. The information would go through a complex series of checks with those institutions that are deemed reliable in order to ensure that the transaction was made with the right parties. In fact, Visa's new transaction standards are set to make online transactions safer and more secured than ever before.
Visa is also implementing technology that will allow its merchants to process the sale and purchase of prepaid visa cards. In addition, it will be possible to complete these transactions entirely online. Now, merchants will not have to worry about carrying cash, distributing payment information to their customers, and monitoring transactions. The new addition to the standard is known as the Visa Secure Connects. In essence, this feature works by requiring that merchants provide their clients with their online account information before allowing them to process credit card transactions. By requiring that the merchant provide this information, merchants are able to assure themselves that their customers are who they say that they are.
This added layer of security for online transactions will greatly improve the standard's capabilities. With this new feature, merchants and cardholders are given peace of mind knowing that their personal information and transactions are protected at all times. The inclusion of Visa's 3D secure 2.0 specification also gives merchants an additional security. This feature requires that merchants use digital certificates to verify that the person sending the funds actually owns the card that the funds are coming from.
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