2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16
Paying for purchases and services on the Internet is becoming more and more fashionable, convenient and easy way of cashless payments. Unfortunately, along with this, the activities of fraudsters in the field of online payments are on the rise. It is enough for an attacker to get hold of information about the numbers indicated on the card in order to leave the victim without funds. Payment systems are aware of the seriousness of the threat of cyber fraud, therefore they have introduced an additional degree of protection for payment cards under the general name 3D-Secure.
Verified by Visa - what is it?
This designation refers to the 3D-Secure service from Visa, which allows you to pay on the Internet with cards of this payment system using technical means of increased protection. The service is free and is activated immediately upon issuing a new card or at the request of the holder. When the service is active, the user is redirected to the website of the issuing bank for confirmationtransactions.
Depending on the authorization method established between the bank and the holder, the system requires you to enter an authentication code. It can be a permanent password, a one-time SMS code, or a list of keys obtained from an ATM. If the entered value is correct, the system will notify you that the operation was successful.
What is it for?
VBV technology is designed to protect cardholders from unauthorized use of funds on the Internet. In this case, the so-called "transfer of responsibility" (Shift of liability) occurs. This means that the issuing bank guarantees the security of the transaction and, in the event of fraudulent actions, undertakes to compensate for the damage incurred by the client or transfers such an obligation to the holder himself.
In case of an unprotected Verified by Visa online transaction, the responsibility for actions with a payment card lies with the online store or the acquiring bank. A feature of VBV technology is that the verification code generated by the system is almost impossible to guess, unlike the traditional three-digit CVV / CVC security code applied to the back of the card.
How to use the service?
In most cases, the service is activated automatically when you apply for a new Visa card. If such a service is not available, you can contact the bank with an application for connection, making sure that the issuer supports VBV. Depending on the conditions, one or more verification methods Verified by Visa are available to choose from:
- static password,set by the client or issuing bank;
- dynamic SMS code sent to the cardholder's phone;
- list of one-time passwords generated by the ATM.
To make a payment using VBV protection, the merchant's website must also support this technology. In this case, the interface of the online store will contain the Verified by Visa icon.
After confirming the payment on the site, the buyer is automatically redirected to the authentication server of the issuing bank. In a separate dialog box, the details of the transaction are indicated, where there is also a form for entering the verification code. In case of successful authentication, the bank notifies the completion of the transfer of funds and settles with the online store.
Flaws
- Telephone authentication. If a fraudster gains access to a cardholder's mobile communication device that is registered with a bank, the security of funds will be at risk.
- Limited number of sellers participating in the system. Not all providers of online goods or services offer payment through Verified by Visa. This means that this technology is not capable of providing 100% security for the cardholder from malicious actions.
- Complex password. During the registration process, the issuing bank requires the user to come up with an alphanumeric combination of characters of increased complexity for authorization in the system (on average, from 9 to 15 characters).
If the Verified by Visa password islost or forgotten, this may result in problems for the buyer to restore access.
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