Paying for purchases and services on the Internet is becoming an increasingly fashionable, convenient and easy way to cashless payments. Unfortunately, along with this, the activity of fraudsters in the field of online payments is also increasing. It is enough for an attacker to get hold of the information on 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 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 Visa 3D-Secure service, which allows you to pay online with the cards of this payment system using advanced security equipment. The service is free and is activated immediately upon issuing a new card or at the request of the holder. With an active service, the user is redirected to the website of the issuing bank to confirm the transaction.
Depending on the authorization method established between the bank and the holder, the system requires an authentication code. It can be a permanent password, a one-time SMS code or a list of keys received at an ATM. If the entered value is correct, the system will notify you of the success of the operation.
What is it for?
VBV technology is designed to protect cardholders from unauthorized use of financial resources on the Internet. In this case, the so-called “shift of liability” occurs. This means that the issuing bank guarantees the security of the transaction and, in the case of fraudulent actions, is obliged to compensate for the damage suffered by the client or transfers such an obligation to the holder.
In case of an insecure Verified by Visa online transaction, the responsibility for actions with a payment card lies with the online store or the acquirer bank. The peculiarity of VBV technology is that the verification code generated by the system is almost impossible to pick up, unlike the traditional three-digit security code CVV / CVC, applied to the back of the card.
How to use the service?
In most cases, the service is activated automatically when a new Visa card is issued. If such a service is not available, you can contact the bank with a connection application, making sure that the issuer supports VBV. Depending on the conditions, one or more verification methods Verified by Visa are available:
- static password set by the client or the issuing bank;
- dynamic SMS code arriving on the card holder's phone;
- list of one-time passwords generated by the ATM.
To make a payment using VBV protection, the seller’s website must also support this technology. In this case, the online store interface 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, transaction details 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.
disadvantages
- Phone Authentication. If a fraudster gains access to the cardholder’s mobile communication tool, which is registered with the bank, money security will be in jeopardy.
- A limited number of sellers participating in the system. Not all suppliers of online goods or services offer payment by Verified by Visa. This means that this technology is not able to ensure the security of the card holder to 100% of the actions of attackers.
- Password is complicated. During the registration process, the issuing bank requires the user to come up with an alphanumeric combination of symbols of increased complexity for authorization in the system (an average of 9 to 15 characters).
If the Verified by Visa password is lost or forgotten, this may result in problems of restoring access for the buyer.