Identity theft and online fraud are not just new buzz words, they are unfortunate realities that we must be aware of and take action on in order to protect our finances whether we shop online or not. One precautionary step taken by Visa is their Verified by Visa program for online credit card beginners and veterans alike.
The Verified by Visa program adds a layer of protection to online transactions done with a Visa card and understanding this program is important to both retailers and shoppers, as it has implications for both parties.
Consumers who wish to use the Verified by Visa program start by registering their cards with the program. They then choose a unique password. Now, when they are shopping online with a participating retailer and hit the buy now button, the Verified by Visa window pops up. The credit card user will now have to key in their unique password to complete the transaction. The screen will also have a “personal message”, something that the cardholder chooses during registration, and helps to verify that this pop up is the real Verified by Visa pop up and not another copy cat scam.
This extra layer of authentication will virtually make it impossible for a thief to make purchases online using your stolen credit card information. If someone gets a hold of your credit card number they will still have to produce your password which is not the case when making credit card purchases online in the traditional way.
The Verified by Visa program is free. Any Visa card can get into the program. There are a few exceptions and the official Visa website has a form that cardholders can use to see if their card is eligible. What ever you do, do not sign up for this program unless you do so on the official Visa website. There are many scams out there looking to steal your credit card number by posing as the Verified by Visa program.
To use the program when shopping online, look for retailers that offer the Verified by Visa program. You do not have to do anything special, the Verified by Visa window pops up automatically when you check out. You will know the retailer is a participant because you will see the Verified by Visa logo AND the personal message you chose when signing up.
For online merchants, the Verified by Visa program is just as easy to sign up for and just as effective as it is for buyers. The most obvious reason for a merchant to sign up is to give your customers added layer of protection from fraud, but there are other benefits.
The Verified by Visa program protects merchants as well as consumers. Verified by Visa merchants are protected, even if the cardholder is not a member of the program. Also, transactions that are made using the Verified by Visa program receive a discount on transaction fees in most situations, although this can vary depending on the arrangements that the merchant and the bank have.
For merchants, implementing the program is easy. Apply, download the software and install onto your server, your customers will now be protected if they participate in the program. The software also gives you the Verified by Visa logo to add to your site, showing your consumers that you have the program and provide this added layer of protection.
Of course there are scams out there that attempt to mimic the Verified by Visa program with a similar looking website or pop up window. Getting a hold of any company logo is very easy which is why the real program utilizes the “personal message” tactic mentioned above. Simply be sure that you work directly with Visa on the Visa website or your bank when registering your card for the Verified by Visa program.