Visa has unveiled its plans to provide updates to Verified by Visa (VbV), its purchase-authentication service, as well as 3-D Secure, an industry that originated with Visa.
These facilities offer consumers a trusted avenue to verify their identity to banks, making digital eCommerce purchases a safer option. There’s good reason for Visa to take these steps, due to the increase in eCommerce fraud. However, thanks to the steps Visa are taking with the new updates, digital buying across devices will now become safer and easier for every party.
What To Expect
3-D Secure 2.0
Set to be unveiled before the end of the year, 3-D Secure 2.0 will work online to provide improved support for mCommerce and connected device payments to keep up with the surge in these types of transactions and the mobile device buying trends. Furthermore, additional data is now going to be shared with issuers. This will be utilised as a way of helping to flag potentially fraudulent purchases in a more effective way, as well as averting false declines.
Verified by Visa
Visa has been centring its algorithm-based risk assessment attentions to look at purchase data-like buyer behaviour and locations as a way to ascertain which purchases are high risk. Once they are confirmed these purchases are subsequently flagged for further authentication, such as passcode entry. Visa’s VbV update is set to take account safety to the next level, with static passwords being rid of and single-use dynamic passwords being sent via SMS or email instead. This is a step that will drastically reduce fraudulent activity, Visa states.