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An article relating to this blog post on Finextra:

Apacs talks up take-up of online card security schemes

Cardholder take-up of the MasterCard SecureCode and Verified by Visa online authentication services has increased by 600% over the past two years, according to stats from UK payments group Apacs.

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Well, I'm glad APACS pointed out that the rise in 'take-up' is because of making it mandatory for cardholders.

Not all merchants use these solutions, so the security coverage for cardholders is quite spotty.

It's also understandable that consumers complain because both these solutions make it quite easy for fraudsters to phish cardholders out of their verified by visa and ucaf/spa credentials.

If banks truly cared about offering the right solutions to the problem, they wouldn't have to make solutions mandatory. Banks can start rebuilding confidence with their customers by offering the right solutions that cardholders themselves would readily take-up because they see that the system will solve the problem and because they feel confident and secure about using the system.


Comments: (3)

Matt White
Matt White - Finextra - Toronto 22 September, 2008, 16:15Be the first to give this comment the thumbs up 0 likes

Actually, Apacs didn't point out that some banks are making the schemes mandatory - it managed to forget that detail in the press release.

A Finextra member
A Finextra member 22 September, 2008, 16:37Be the first to give this comment the thumbs up 0 likes

I was quite disturbed when I encountered this while shopping online - partly because I wasn't aware I'd opted in to any such service but mainly because the site was asking me for personal information - memorable name I think it was - which is part of the login stuff I use to get into my Smile bank account.

This looked to me more like an additional potential security hole than a solution to a problem. I don't want that sort of information being bandied about any more than necessary.

A Finextra member
A Finextra member 22 September, 2008, 16:46Be the first to give this comment the thumbs up 0 likes

Well, if Finextra added that last bit about Barclays and Natwest making these solutions mandatory for customers, thus explaining APAC's press release of "the rise in cardholder take-up of these solutions", then I'm appreciative of that objective reporting.

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