pros and Cons of Verified by Visa and Amex SafeKey

SecureCreditCard

My various credit cards have started to force me to register for the Verified by Visa and the SecureKey schemes operates by VISA and AMEX.

They claim these are to reduce card fraud but the terms and conditions appear to move liability onto me the card holder.

Given the number of sophisticated phishing scams. Retailers who mishandle credit card details and the various ways hackers can gain access to me PC or mobile phone despite using the latest anti-virus an security software leaves me concerned.

The big card companies can do more to fight fraud than me.

Giving me yet another password to recall will not enhance my security but invites attack.

How do I refuse to sign-up for these schemes?

It appears that after 3 refusals AMEX will make me sign-up.

My VISA and MASTERCARDS also appear to force me to sign-up.

Any thoughts or experience of problems with these various schemes.

The_Boss

I have this - on some cards it's an automatic process and on others I need to enter a password - not sure why this is?

shortcrust

If you're concerned about how retailers handle your card details isn't Verified by Visa a very good thing?

I'd rather not use Verified by Visa, but I don't worry about security if I'm honest. If I did worry, I think I'd see it as a useful extra layer. Well worth remembering another password.

eddddy

shortcrust wrote: »

If you're concerned about how retailers handle your card details isn't Verified by Visa a very good thing?

I'd rather not use Verified by Visa, but I don't worry about security if I'm honest. If I did worry, I think I'd see it as a useful extra layer. Well worth remembering another password.

No - Verified by Visa doesn't protect the cardholder. If anything, it does the opposite.

If you report a fraudulent online transaction, and VbV wasn't used, the bank will typically refund the payment without question - and leave the retailer suffering a loss. (And it's down to the retailer to pursue the matter, if they want to.)

If you report a fraudulent online transaction, and VbV was used, the bank stands to suffer the loss (not the retailer). So they are less keen to refund. People report that banks say "Your VbV password was used, so either it was you, or you told someone else your password".

g6jns_2

shortcrust wrote: »

If you're concerned about how retailers handle your card details isn't Verified by Visa a very good thing?

I'd rather not use Verified by Visa, but I don't worry about security if I'm honest. If I did worry, I think I'd see it as a useful extra layer. Well worth remembering another password.

I agree though there are anomalies. My VBV password is 8 digits long. Yesterday it asked me to enter the ninth digit! I phoned the company and ordered over the phone. So far Barclaycard have not come up with an explanation. I wonder how much of a bribe, err sorry compensation, they will offer this time? They really are dreadful!

jonesMUFCforever

g6jns wrote: »

I agree though there are anomalies. My VBV password is 8 digits long. Yesterday it asked me to enter the ninth digit! I phoned the company and ordered over the phone. So far Barclaycard have not come up with an explanation. I wonder how much of a bribe, err sorry compensation, they will offer this time? They really are dreadful!

My Barclaycard does not use VbV!

GingerBob_3

Pros: None

Cons: Several, specifically;

It's yet another password to remember.

The system is managed by a third (or even fourth) party, so that's someone else who has your personal details to lose, sell or have stolen.

When the screen pops up it could quite easily be a phishing screen, this is especially the case when you are being "invited" (i.e. forced) to enrol.

It's yet another layer in the process that could potentially stop your transaction and maybe even cause your card to be blocked (see horror stories on Digital Spy and elsewhere).

It provides you with no insurance against anything (see previous comments in this thread), in fact, quite the reverse.

Here's the fight-back against these ill-designed useless systems:

If you've a load of credit cards, try them all online and there's a good chance that one of them never forces you to enrol. Of my 10 cards, two fall into this category, M&S and one of the MBNA cards.

Order by phone instead, if cost effective to do so.

If all else fails, when "invited" to enrol, put in a bogus DoB. If the pop-up screen claiming to be VbV or MCS rejects it, then chances are it's not a phishing screen and it is the genuine thing. Then go through the motions with the genuine stuff; you'll need DoB and postcode. Then at the final hurdle, when it asks you for a stupidly long passcode or whatever to complete the process, back out. Your transaction will proceed but you won't have signed up. Of course you'll have to do this every time, but at least you won't have yet another password to enter.

Is it beyond the whit of man to have a system whereby your PIN for the card is also your PIN for online transactions, automatically? it would seem so!

codeX

Thanks for the useful info GingerBob.I've never been asked for a vbV password by my NationWide card and your observations made me curious. It seems they are not forcing a new password for vbV.

In response to customer feedback and to improve our customer experience when shopping online, we no longer require a password to verify a purchase. Sophisticated authentication security measures are working behind the scenes to prevent fraud. However, as an extra security measure you may still be requested to provide additional information to aid purchase verification.

http://www.nationwide.co.uk/support/support-articles/security/verified-by-visa-vbv/verified-by-visa

Nasqueron

I used the vBV and more recently the Mastercard one:

For my bank card I used to get asked all the time, now the screen just loads and processes the order without password - I literally cannot remember the last time I had to enter the password - I don't see the issue if it "learns" my behaviour but for new sites I don't see the point if it doesn't ask.

My supermarket card I have never set it up, I used it online for the first time this weekend and it loaded and bypassed the mastercard thing.

InsideInsurance

3D Secure, to give the generic name, will simply increase the security of card transactions. Certainly it does mean that if someone either knows your password or can answer the personal history questions that some use instead on a fraudulent transaction that more questions will be asked on how the fraudster got hold of the details but ultimately if its fraud then the card company carries the can.

The 3D Secure system is not hosted on the merchants site unlike most payment systems and so if you have fears of Tescos/ Amazon's etc security then the fact this is something they are oblivious to should increase your sense of security as if their sites are compromised the hackers wouldnt get the 3D Secure answers from them

SuperHan

The problem I have found is that if someone stole my purse, they would have enough information to bypass verified by visa, as it has my date of birth and the card in question in there.