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Visa vs cybercrime

Date: November 02, 2006
Source: technology.timesonline.co.uk


Shoppers are set to bamboozle internet fraudsters with a new Visa voucher which allows them to change their card details every time they spend money online.

More than half of Britons shopped online last year, spending a record 22 billion, according to recent figures from APACS, the Association of Payment Clearing Services. But fraudsters are also cashing in. Last year, card-not-present fraud - by internet, phone and email - rose by 21 per cent to 183 million.

Each 3V voucher, worth between 20 and 200, comes with its own 16 digit number. Once a shopper buys a voucher, a matching expiry date and security code is texted to their mobile phone. These details will be accepted by online retailers as a Visa credit or debit card payment.

Kieron Guilfoyle, of 3V Transaction Services, the Irish firm which created the vouchers in association with Visa, said: "The launch of 3V vouchers is great new for people in the UK who want to shop online but don’t want to because of the fear of fraud or going into the red."
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