Hi Anand,
On 4 July 2012 02:00, Anand Kumria
Neither Verified by Visa nor MasterCard SecureCode guarantee any security.
Probably bad wording on my part, nothing is guaranteed. As I understand it they are trying to reduce fraudulent translations by extensively verifying and frustrating the card holder.
Neither scheme is hosted by any issuing bank from what I have observed. What data do you have?
Yes the whole idea with these schemes is that the card issuing bank provides an extra level of authentication of the end user. For example, when I use my Lloyds TSB Visa card to purchase something on-line I am redirected to a page containing their logo and asking one or more questions relating to my bank account, ie my birth date, or internet banking password (freaked me out the first time). This page appears to be different for every bank and is entirely independent of MasterCard or Visa.
Most of the providers I've dealt with have specifically had you *opt*-*in* to making your customers transactions, and lives, more cumbersome.
We were forced into the scheme and it was very hard to opt out, at least with our merchant bank.
Note - that customers can opt-out at any time (and are able to opt-out every 3 transactions) so, again, neither scheme does anything but shift liability (subject to asterisks) to the customer and make it harder to complete the purchase.
That doesn't really help in a hotspot scenario as if it's the third transaction you're still going to have to get them to see the issuing banks verification page.