Visa Europe’s new security system, Visa CodeSure, is now available for commercial use. The system, says Visa, is brings the same degree of security to online sales that Chip & Pin does to the high street, and its use will “significantly further reduce” online fraud.
Visa CodeSure uses what Visa describes as “multichannel authentication technology”.
The Visa card comes with an embedded 12-button alphanumeric keypad and battery, reducing the potential for online fraud. When online transactions using Visa CodeSure are processed, users activate the authentication process by pressing the Verified by Visa option on the card’s keypad. When promoted they input their PIN into the card’s keypad. Then a unique one-time passcode appears in the card’s display that is used by the cardholder to authenticate a normal Verified by Visa transaction.
The system can be used for Verified by Visa payments, online banking access and telephone banking services. When using it over the telephone, cardholders are provided with a number from the bank. That’s put into the Visa CodeSure card by the cardholder, to confirm it’s a request from the bank. When that’s been put in, the user is prompted to enter their PIN number into the card, creating a one-time passcode.
Visa CodeSure was developed in 2009 and since then Visa, working with partner Emue Technologies, has trialled it with eight banks and their customers in countries including the UK.
People taking part in the trials said they would use their cards for card-not-present transactions more often (70%) and were reassured about security (86%).
Sandra Alzetta, head of innovation at Visa Europe, said: “This exclusive Visa solution is an extremely convenient way to bring a similar level of security to payments online as we now enjoy on the high street with chip and PIN. The solution goes beyond just online and remote shopping but also allows organisations to use the card in place of other online log-in systems to access, for example, corporate virtual private networks (VPN).”
