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VISA Cards Have New Online Protection
Visa and participating banks are offering a protection service for consumers that want to use their current Visa cards to make online purchases. The new service allows them to register with the card provider and choose a password that will verify their identity when they go online to buy at participating merchants.
When a consumer clicks "buy" on a participating merchant's site, software installed on the merchant's server recognizes registered Visa cards and a special screen pops up on the consumer's desktop. The consumer then enters his or her password to complete the purchase, which is verified in real time with the bank.
Unlike with electronic wallets, consumers don't have the software residing on their machines. They need to have a Visa from a participating bank and be shopping at participating merchants. Currently, eight major banks are participating and four more are listed as "coming soon" on the Verified by Visa Web site: www.visa.com/verified
Copyright © 2002 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 12, No. 3, 4/02
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