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IT Week: Visa shift to cut costs for e-traders

http://www.zdnet.co.uk/news/2000/25/ns-16228.html

IT Week: Visa shift to cut costs for e-traders

Mon, 26 Jun 2000 12:18:11 GMT Rupert Collins-White

Visa is planning radical changes to its business rules that will mean online merchants will no longer have to carry the cost of fraudulent transactions

Next March, Visa will shift responsibility for authenticating online shoppers from merchants to the credit card issuers.

One authentication option is for banks to issue free smartcard readers to customers. Current authentication systems usually in volve users installing software.

Visa last week said that all the banks in the Visa network will begin using Secure Electronic Transaction (SET) technology under the Visa Secure E-commerce Initiative when moving money between themselves, and they will hold SET certificates for merchants and customers. This will remove much of the back-end integration that currently has to be put in place for users of SET, and will open up SET security to many more merchants.

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