Net fraud prompts Visa password
Online credit-card fraud is increasing and banks have been looking for high-tech solutions to the problem. Visa has decided, however, that one of the answers is the old-fashioned password.
When Internet shoppers visit sites supported by Visa's new “Verified by Visa” program, people who have registered their cards will be asked for a password as soon as they type in their card numbers.
In Australia the ANZ is the first bank to support this initiative and will offer it with its new ANZ Gold and ANZ First Visa cards, both of which are “smart” credit cards with inbuilt microchip security protection.
ANZ's e-Enablement GM, Nick Reade, says that in the US one in six online consumers have been the victims of fraud, with a further one in 12 also falling victim to identity theft. While card fraud isn't as problematic in Australia, it is growing and the ANZ is getting on the front foot by giving its customers additional protection, Mr Reade says. In fact, the ANZ is one of the first two or three banks in the world to have implemented Verified by Visa for chip cards, he claims.