Do you know how the Verified by Visa Card protects you and your Visa card online? A lot of Canadians have been drawn to the benefits and prospects of online shopping due to its easy and effortless delivery services. The challenge, however, is that with each transaction, your credit card information is put at risk.
Cyber thieves, known as hackers, are continually looking for loopholes and unsecured credit card details to defraud people.
No one wants to lose his or her funds. This is why Visa introduced a security measure to protect online shoppers, mainly when they use their credit cards for online transactions.
What is Verified By Visa Card?
Verified By Visa (VBV) is a security program by visa payment network in partnership with visa card issuers and merchants, to protect the payment details of visa cardholders in online transactions.
Verified By Visa simply put, ensures that credit cards are used online by only the rightful and authorized owners of the visa card/account, to prevent unauthorized use or access by a third party.
About Verified By Visa Card
Verified By Visa secures your visa credit cards in online transactions. The visa payment network protects non-Verified By Visa credit cards with its first level protection, which involves the use of the credit card number, validity or expiry date, and CVV code at the back of the card.
However, with this level of card protection, hackers can quickly get access to your credit card details at online merchant stores; hence, the need to have an extra layer of protection.
The majority of online merchants have employed the use of Verified By Visa to make online shopping secure and safe, and also protect their customers against fraud.
Therefore, Visa works in connection with the security protocols of participating merchants and card issuers to protect cardholders against unauthorized use of their visa credit card when they make purchases and online payments.
Visa offers protection against fraud, and an extra layer of security, as it often works without notice, to ensure customers’ confidence in online shopping.
How It Works
Verified By Visa Card and cardholders are secured with a password-protected authentication system, assuring that only the rightful visa cardholder can use the credit card online.
Step One: Registration
To enjoy the extra security feature on the Verified By Visa Card, you are expected to register for Verified By Visa through the bank that issued your Visa card, or when prompted at the time of your transaction.
The registration may involve choosing a password of your choice for authentication. Alternatively, the bank can send a code to you via SMS when making an online payment. This is known as a one-time password.
Step Two: Visa Card Activation
After registration, your visa card is activated, and Verified protects you By Visa at every participating online store. Hence, apart from your credit card details, you will be directed to a page that requires you to enter your Verified By Visa Card details.
However, depending on the card issuer and the version of your Visa secure protocol, cardholder registration may no longer be required in some situations, for Verified By Visa service. Visa cardholders will no longer need to go through the registration process and may not even be aware of the fraud protection happening behind the scene.
Step Three: Verified By Visa Participating Online Stores
Look for the Verified By Visa symbol displayed on the merchants’ online store. This is an indication that your transaction will have extra security, as your credit card will be automatically recognized as protected by Verified By Visa. It is important to note that your Verified By Visa Card will still work as usual at non-Verified By Visa stores.
Step Four: Authenticate With One Time Password (OTP)
You will be required to authenticate your online transaction with your Verified By Visa password or the one-time password (OTP) issued to you by the bank.
Step Five: Validate Your Transaction
To complete the online transaction, follow the prompted steps, and provide any additional information required. Your visa credit card issuer will verify and validate your details.
How Verified By Visa Protect Merchants
Designed to secure eCommerce transactions, Verified By Visa, also known as Visa Secure, ensure that the rightful owner makes online payments of the visa credit card. The Verified By Visa relies on the 3-D Secure protocol (Three Domain Secure), which is a cardholder authentication mechanism.
Ecommerce businesses are targeted by fraudsters to steal credit card information of their customers. Therefore, online merchants must ensure the safety of their online store to attract more customers and also guarantee customers’ confidentiality.
Merchants need to protect themselves from fraud, lost sales, and customer distrust. Merchants that display Verified By Visa symbol on their website will enjoy greater trust and confidence from customers and are likely to witness frequent visits and purchases.
Visa Purchase Protection
Visa has developed several programs and security measures to prevent fraud and protect visa cardholders. Some of these are:
Zero Liability Policy
As a Visa cardholder, you can use your Visa credit card to make payment for your online purchases. The visa payment network protects you from unauthorized use of your visa card or account information. This visa zero liability policy covers visa cards issued in Canada.
Verified By Visa Card
Verified By Visa is a security program designed by Visa to secure and protect online purchases by ensuring that the rightful Visa cardholder makes online payments. Verified By Visa goes an extra step towards protecting the Visa credit card transaction, as well as providing customer confidence in online shopping.
The Neutral Network is another security layer by visa payment network which monitors suspicious credit card transactions on purchases, 24/7. If it is detected that your visa card is being used simultaneously at two different locations, your visa card issuer will contact you immediately.
EMV Chip Security
In Canada, visa credit cards use EMV Chip technology as a form of payment security. Chip technology is used in over 130 countries, as it is almost impossible to counterfeit chip cards.
Address Verification Service
As a security measure against credit card fraud, online merchants may request the card processor to verify your address when you use your visa card for purchases, either online, by mail, or phone order.
Card Verification Value (CVV2)
The card verification value or code is a 3-digit code located on the back of your visa card, usually on the right side of the white signature panel. This security code is used by merchants who accept Visa cards to verify that the genuine credit card is used for payment of online or phone order purchases.
How To Shop With Verified By Visa
The Verified By Visa service comes with no cost as long as you are a visa cardholder. To use your visa card for online shopping using the Verified By Visa Card service,
- Go to the online merchant website. Pick the items of your choice and proceed to checkout.
- The Verified By Visa Card security service works at any Verified By Visa participating merchants or online stores.
- Meanwhile, Verified By Visa Card will continue to work normally even if the merchant is not participating in Verified By Visa.
- During checkout, enter the required information and provide any additional authentication when prompted.
What Are The Benefits Of Verified By Visa?
You will enjoy uninterrupted access to the items you want from any participating online merchant. Also, as a Verified By Visa cardholder, you will enjoy the added security of a private password known only to you, as well as safety against credit card fraud.
Is My Personal Information Secure?
Yes. Your personal information and credit card details are protected by security encryption technology.
Where Can I Shop Using The Verified By Visa Card?
You can shop at any Verified By Visa participating merchants.
Can I Use Both Credit And Debit Cards?
Yes. Verified By Visa service is available for both visa credit cards and visa debit cards when shopping online.
Can I Register More Than One Visa Card?
Yes. You can register all your visa credit or debit cards, as long as your visa card issuer offers Verified By Visa service.
Can I Register Non-Visa Payment Cards With Verified By Visa?
Verified By Visa security service is only accessible to, and designed for visa cardholders.
Is There Any Software Or Equipment Needed?
All you need to use the Verified By Visa Card service is a web browser with an internet connection. Verified By Visa can be used on any computer, as long as you can access the Verified By Visa participating merchant stores.
Online shopping is a fantastic way to get your favorite items delivered to your doorstep; hence, to protect yourself from the activities of hackers, subscribe to the Verified By Visa service free of charge.
It is important to check with your bank/issuer to ascertain if they participate in the Verified By Visa program.