Visa pilots internet fraud reduction scheme

July 2005
Credit Control;2005, Vol. 26 Issue 7, p50
Trade Publication
The article reports that Visa UK Inc. is piloting a new electronic device Token Based Authentication, that could protect consumers from card not present fraud. When the cardholder wants to buy merchandise on the Internet or by telephone, the device contacts the bank remotely, which then confirms with the retailer that the purchase is genuine. The development is being examined by the major high street banks and could become mandatory within the next two years. Colin Grannell, Managing Director of Visa UK Inc. said that the scheme will make buying goods online safer.


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