Not verified by Visa
Earlier today, I was trying to book a train ticket when one of those “Verified by Visa” prompts appeared on the screen. If you buy much online, you will probably have seen one of these by now. They’re supposed to prevent fraud, because they use a password in addition to the 3-digit security code on the back of your credit card, and in theory only you and Mastercard or Visa knows what that password is. But there’s a problem:
- I keep forgetting my password
- It’s actually pretty easy (too easy to be secure) to reset it online
- But when you do forget it and fail to reset it, it locks your card for online use, and you have to phone the bank
What this leads many people to do is to stop using websites that have the “Verified by Visa” logo showing on them, maybe because they don’t have the patience to remember and re-key an extra password, maybe because they’ve forgotten it, or perhaps they’re locked out and can’t be bothered to call their bank when it’s easier to buy the thing you were going to buy somewhere else, which isn’t signed up to this scheme.
Which is probably why most retailers who implement what the industry calls 3D Secure are losing customers when they do it.
I have been a victim of fraud exactly because of this (bullet 2). Someone who didn’t know my password was able to break through this additional security layer’s password reset. It was only because I happened to see the email telling me that my password had been successfully reset that I knew it was going on. But all to often email messages like this can be easily dismissed as phishing (except that when you read it the advice is to call and not to email).
It would in actual fact be more difficult to sign someone up to an email subscription than it is to change their password through Verified by Visa.
BUT, what was even more frustrating was that because I was quick enough to stop the transaction there was no fraud and so my bank refused to investigate it further.
I am not sure that it has stopped me shopping on sites that have Verified by Visa, but I definitely do not think that it is something worth promoting as a benefit to consumers.
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