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Verified by Visa was
developed to help e-commerce or Internet purchases flourish and
encourage consumer participation with proven security measures.
Verified by Visa, allows cardholders to actively protect their Visa
debit or credit card from unauthorized use. When using you Visa
debit or credit card on-line, cardholders will be prompted to
participate by selecting a PIN or personalized password that becomes
their on line “signature” for Web purchases. Each time your
member makes a purchase on-line; a Visa window will prompt the
cardholder to enter their personlized password. Visa is currently
working with on-line merchants and other e-commerce service providers to
integrate Verified by Visa into their payment systems.
While Visa cardholders
are already protected by Visa’s $0 liability policy, this service will
create a solid foundation for secure Internet transactions by instilling
consumer confidence, increasing card usage, and creating a safe
e-commerce environment for all parties involved in on-line purchasing.
Due to this new password protected method, Visa Issuers will lose the
chargeback right for “did not make purchase claims by their
cardholders”.
National and consumer
television and print advertising for Verified by Visa began in December
2001. Statement messages and inserts have been provided over the
past year to help encourage coardholders to register their debit and
credit cards with the Verified by Visa product. In the near
futeure, cardholders will be denied transaction authorizations while
attempting to purchase over the Internet if a password is not provided
when prompted at the point of purchase.
For more information
about Verified by Visa please refer to Visa Online at
www.us.visaonline.com
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