- Apr 14, 2001
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I visited the site, and apparently only BofA's Visa Cards is participating in this at this time. Other banks are soon to follow.
Visa Offers New Password Security to Web Shoppers
Updated: Mon, Dec 03 12:05 PM EST
NEW YORK (Reuters) - Credit card company Visa U.S.A. on Monday announced a new online payment service that offers greater security to consumers who use their credit or debit cards to pay for products they purchase on the Internet.
While most online shoppers simply have to punch in their credit card numbers in order to make a payment via the Web, Visa now enables participating retailers to prompt shoppers for a password when they enter their information, preventing the possibility of having credit card information used illegally.
Called "Verified by Visa," the program allows participating banks to immediately validate a cardholder's identity through the use of a password during the online checkout process.
During November, 70 percent of consumers polled by Visa U.S.A. said they would feel safer making purchases on the Web if they had a password verifying their identity.
"More people are spending greater amounts of time online, but when it comes to Internet purchases, some cardholders are still sitting on the sidelines," said Carl Pascarella, president and chief executive of Visa U.S.A.
Pascarella said the added password protection option will likely bolster confidence among online browsers who, despite already being protected against fraud if their credit cards are used without authorization, are still leery of making payments over the Internet.
"Consumers want to know their online purchases are secure and getting that security should not be an inconvenience," said Todd Penner, online marketing director for Dell's Consumer Group, one of Visa's participating online retailers.
"Greater consumer confidence in e-commerce ultimately means increased online sales," Penner said.
Consumers wishing to sign up with Verified by Visa simply have to register with their participating card issuing banks or through http://www.visa.com/verified. Registration is only required once, and there is no special software required.
Visa Offers New Password Security to Web Shoppers
Updated: Mon, Dec 03 12:05 PM EST
NEW YORK (Reuters) - Credit card company Visa U.S.A. on Monday announced a new online payment service that offers greater security to consumers who use their credit or debit cards to pay for products they purchase on the Internet.
While most online shoppers simply have to punch in their credit card numbers in order to make a payment via the Web, Visa now enables participating retailers to prompt shoppers for a password when they enter their information, preventing the possibility of having credit card information used illegally.
Called "Verified by Visa," the program allows participating banks to immediately validate a cardholder's identity through the use of a password during the online checkout process.
During November, 70 percent of consumers polled by Visa U.S.A. said they would feel safer making purchases on the Web if they had a password verifying their identity.
"More people are spending greater amounts of time online, but when it comes to Internet purchases, some cardholders are still sitting on the sidelines," said Carl Pascarella, president and chief executive of Visa U.S.A.
Pascarella said the added password protection option will likely bolster confidence among online browsers who, despite already being protected against fraud if their credit cards are used without authorization, are still leery of making payments over the Internet.
"Consumers want to know their online purchases are secure and getting that security should not be an inconvenience," said Todd Penner, online marketing director for Dell's Consumer Group, one of Visa's participating online retailers.
"Greater consumer confidence in e-commerce ultimately means increased online sales," Penner said.
Consumers wishing to sign up with Verified by Visa simply have to register with their participating card issuing banks or through http://www.visa.com/verified. Registration is only required once, and there is no special software required.
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