Are your Visa credit cards protected by 'Verified by Visa'?

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Are your Visa credit cards protected by 'Verified by Visa'?

By: Henry Goode

'Verified by Visa' was first introduced in 2001 but surprisingly many credit card users still haven?t heard of it considering that 1 in 4 online transactions throughout the UK and Europe are now verified through this security system. Essentially, it is an extra level of security now offered by Visa to customers using cards with their payment transfer system. It was designed from a technology called 3-D Secure, developed by Visa, and is now widely used by online merchants. MasterCard have also introduced an extra level of authentication called MasterCard SecureCode that works using the same technology.
Signing up is simple and it is likely that you have done so already. You can sign up in one of two ways. The first is that you visit your card provider's website and register a password and a personal message. Once you have done this your Verified by Visa account is activated. Even though it is possible to sign up at your card provider's website this is the most uncommon method. The normal method of being signed up is when you make an online purchase, through a vendor using Visa?s authentication system. The system will recognise that you are not registered and ask for the same details as above: a password and a personal message.
Once you have signed up, Verified by Visa helps protect your cards against fraud and theft by providing another level of security. When you make a purchase at a participating online store you will simply be redirected to the Verified by Visa website and asked for your password and your card?s Security Code; the three digit code on the back in the address bar. Once your identity has been confirmed then your purchase will proceed as normal. With online credit card fraud rising, along with the popularity of online shopping, this makes criminal activity more difficult.
The most common way for a criminal to steal your card details is by looking over your shoulder whilst you are making a purchase in a shop. The criminal may then use your card details to make an online purchase. Without the physical presence of your card the criminal will not be able to enter the card?s Security Code and, of course, they won't know your agreed password. Another way of collecting card details is through false emails requesting your card details; this type of fraud is known as phishing. Once again the criminal will probably not know your Security Code and certainly won't know your password. No other system but Verified by Visa is going to ask for your password, so don?t give it out!
Verified by Visa is a highly effective security system and may help avoid many cases of fraud. It is also free and doesn't require any software download to use it. One area of concern for many people is that they have to change their cards in order to use the service but this isn't the case. As the service is offered online you can use your existing card with no problems. If you forget your password then you needn't worry: there is a failsafe mechanism that allows you to answer questions, such as your date of birth, so that you can select a new one during the transaction process.
Safe and easy to use, Verified by Visa is having a big impact on the fight against online credit card fraud. When you are given the opportunity it is recommended that you sign up in order to make your online shopping more secure and enjoy greater peace of mind when using the Internet to buy goods and services.