Visa enhances security protocols for mobile and online transactions

23 September 2016

visaVerified by Visa security system will be modified soon by Visa with the launch of the new protocol to be known as 3-D Secure. With the updates and new protocol purchases of online shoppers are going to get more secured against fraudulent transactions and identity theft. The announcement comes on the wake of increasing cases of fraud in the online and mobile plane as compared to the physical transactions.

Consumers will have more secure and streamlined experience when shopping with their mobile or other Internet-connected devices.

3-D Secure is scheduled for launch later in 2016. The system will be aimed at mobile devices and connected gadgets as the popularity of mobile and online transactions is rapidly growing. According to some forecasts mobile commerce is going to reach 45 percent of the total electronic commerce in the US in a matter of four years. Thus, the industry needs to have improved security controls. On the other hand, with 3-D Secure protocol issuers will be tagging potentially fraudulent transactions with enhanced efficiency.

Verified by Visa protocol is based on risk assessment using special algorithms tracing the behavior and location of consumers to prevent high-risk payments, after which these transactions are tagged to make additional verification with the password. The fixed passwords in the protocol will be changed for one-time ones sent by SMS or to an email address, as the fixed passwords are usually subject to theft by scamsters.

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