Press Release
Online Payment Service launches 'Chip and Pin' treatment to beat online card fraudNochex has become the first online payment service to fully mandate a new system known as 3D Secure to safeguard online shoppers and help protect them against online card fraud.
Nochex now insists that all of its merchants use 3D Secure, taking a lead over rival services Paypal and the recently launched Google Checkout.
Nochex does not charge its merchants for implementing the 3D Secure service.
3D Secure stands for Three Domain Secure – the payment industry's internet authentication standard which has been developed by the major card schemes. Visa has called their version of the scheme 'Verified by Visa' and MasterCard have called their equivalent initiative 'MasterCard SecureCode'. These are collectively referred to as 3D Secure. Other cards included in 3D Secure are Maestro (including Switch) and Solo.
Start of a Trend?
3D Secure can be thought of as an online version of 'Chip and Pin' technology, whereby the cardholder has a personalised password registered with their card that is entered during the checkout process. 3D Secure is predicted to become the industry standard during 2007/2008, and all online consumers will soon become as familiar with this as they currently are when entering their 'Pin' number at a cash machine or purchasing goods in a store.
How it Works
3D Secure authentication requires the cardholder to register their card to take advantage of this service. This is a one time process which takes place on the card issuer's website and involves the cardholder answering several security questions to which only the card issuer and cardholder will know the answer. The cardholder selects a password and agrees on a secret phrase, which will be used by the card issuer during each online transaction.
Rob Harrison, Marketing Manager at Nochex comments,
"Nochex has taken the decision that all our transactions must use the 3D Secure system to protect consumers from online fraud, and also to increase confidence in internet shopping. We will not be charging our merchants for implementing 3D Secure."
Key benefits for cardholders:
• Increased consumer confidence when purchasing on the Internet with Nochex
• Easy to use
• Dramatically reduces the risk of online card fraud.
