25 October 2014

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Paul Penrose - Finextra

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Trends in Financial Services

A community to discuss the future of financial services and any other interesting trends, strategies, ideas, views.
A post relating to this item from Finextra:

Phishers take aim at MasterCard SecureCode

10 April 2008  |  21213 views  |  0
Security experts are warning of a new phishing scam in which fraudsters are targeting MasterCard customers with false promises of discounts on future purchases.

Customers force-fed card security standards

14 April 2008  |  3613 views  |  2

Two of the UK’s biggest banks, Barclays and NatWest, have moved to make subscription to MasterCard SecureCode and Verified by Visa mandatory for debit card payments made online to approved merchants.

I know this because I recently tried to pay off my credit card bill and was forced to sign up for the card scheme security standards. This entailed another round of tedious form-filling, the creation of a new password and the submission of my e-mail address. I also had to agree to the bank’s terms and conditions on the use of my e-mail for future marketing communications.

I didn’t want to provide any of this information, but was given no choice but to comply.

The banks are passing off the 3-D Secure standards as a re-assuring upgrade to customer service standards. But the failure to cater for customer choice in the uptake of the service is a major irritant that may turn off more customers than it encourages.

Moreover, to insist on madatory compliance at a time when enrollment with the standard is increasingly being used as a bait by phishers seems somewhat foolhardy.

Expect to see an uptick in failed transaction stats as more customers abandon purchases at the check-out.

TagsCardsSecurity

Comments: (2)

Dean Procter - Transinteract - Sydney | 14 April, 2008, 12:57

You could add them to your spam filter list and when you change banks you can ask to be taken off their mailing list. Is it another case of bank employees dazzled by the jargon?

Are you covered for fraudulent transactions once you are using their system?

It reinforces the message that internet banking really isn't safe yet. 

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Lynn Millar - Steria - London | 14 April, 2008, 15:59 Seems they are all getting on the bandwagon.  The latest addition of a PIN pad to authorise payments for NBS is, in my humble opinion taking on-line security to extremes.  You cannot transfer money or pay an individual (even one you have used previously) without the PIN Pad and the debit card.  Not really in the spirit of internet based processing,  seems more tied to older physical media (like Cheque perhaps !!!)
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Paul Penrose

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