Security Measures – Preventing Online Fraud

Enhanced security features are developed continuously by Issuers to improve the security of customers. Card issuers are partnering with major card networks to employ new technologies and process solutions to prevent fraudulent transactions. Some of the new measures are: Verified by Visa and MasterCard SecureCode; virtual credit card; virtual keypads; and dynamic passwords.

In Verified by Visa and MasterCard SecureCode an issuer can register their credit or debit cardholders for these programs which require the customer to go through an additional security pass, thus enhancing cardholder’s transaction security. In Virtual Credit Cards, Credit card issuers offer a software application that generates a temporary credit card number for online usage. This temporary number usually expires after a set number of transactions or period of time. This protects the online identify of cardholders. In Virtual Keypads, online virtual keypads are randomly generated. This prevents Online fraudsters advanced programs such as keyloggers which when installed on a computer, monitors all the strokes of a user on the keyboard. In Dynamic Passwords, the password generated by widgets is valid only for a short-time—usually a matter of seconds or minutes. These significantly seem to reduce card frauds.