There is new method which is being implemented by banks for online outflows through credit cards, and that is by a two-step verification setup, as per the sources.
We checked that banks are currently in the phase of positioning systems that will allow users of credit card to conduct online payments only after putting a single-time password, which is to be sent through SMS or Electronic Mail to make online dealings.
This literally means that customers will have to additionally put single-time password along with CC number, code of CCV, name and date of expiry.
As per the sources, the facility mode will be incorporated for users of Visa and MasterCard Credit Cards. The country’s banks are currently using “MasterCard Secure Code” and “Verified by Visa” for the exact reason.
The process of verification is as follows:
- After making an online purchase, go to checkout page
- Enter the credit card information
- Once the information is entered, a new window for selecting the medium of password will appear
- Select either from SMS or email to receive the password
- Enter the password taken from the respective medium
- Transaction will proceed
Ah, one thing that I forgot to mention. Only websites with their ‘3D Secure’ as ‘enabled’ will be able to operate this two-step verification.
To check up whether your bank is offering 2-step verification, you can call your bank and ask for online credit card payments. This brings it a challenge (for some) ecommerce websites to incorporate ‘3D Secure’ if they have not done it up till now.
Below are some frequently-asked-questions regarding two-step verification model.
- The service has zero cost for customers
- No activation will be required by customers
- Default activation will take place of the service
- Only ‘3D Secure’ enabled websites will be able to use the service
- The facility will be work on accompanying cards as well
- ‘One Time Password’ will expire in 10 minutes