3D Secure was developed by Visa and MasterCard to secure card-not-present transactions
3D Secure uptake soars to 25 million
22 Sep 2008, Phil Muncaster, Computing
http://www.computing.co.uk/ctg/news/1844986/3d-secure-uptake-soars-million
Consumer uptake of online authentication schemes Verified by Visa and MasterCard SecureCode has increased by 600 per cent in the past two years, according to the latest figures from UK payments association Apacs.
Despite slow initial interest, the 3D Secure scheme now boasts registration of more than 25 million UK debit and credit cards, up 150 per cent in the past 12 months from 10 million in August 2007.
"This is an important milestone as it means that more than half of all online shoppers have now registered their cards," said Sandra Quinn, director of corporate communications at Apacs, in a statement.
"The banking industry continues to urge those cardholders not yet signed up to do so, as we all need to play our part to make life harder for online shopping fraudsters."
However, the schemes have come in for criticism by industry experts in the past for being non-intuitive and therefore forcing shoppers to abandon transactions.
Others have commented that the technology is still vulnerable to manipulation by fraudsters.
"This should be viewed as one of the tools in your armoury to combat fraud," argued Tim Sparrow of fraud prevention firm CyberSource. "What we're seeing as a result of [its success] is a lot more identity theft, so criminals are signing up for credit cards on your behalf and possibly registering for the scheme."
Reader comments
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3D Secure more popular but does it make us safer online?
While any step to improve online security is always welcome, some may actually prove to be counterproductive due to their reliance on fixed passwords. It is disturbing that customers are now being forced to sign up to a system that may potentially leave them more vulnerable to identity theft than before. If a customer's password is used to commit fraudulent activity on their account, banks can now blame the customer for not protecting it sufficiently - a fact that many people are not informed of.
Software such as spyware or key logging technology can render the extra layer of protection useless as a fixed password can be captured and compromised quite easily. The security of the system could be immediately improved by replacing these with one-time passwords or PINs. The cynical among us may argue that some financial organisations are simply concerned with shifting responsibility rather than improving security.
Posted by: Jonathan Craymer, GrIDsure 23 Sep 2008
3D Secure uptake soars to 25 million Fraud
Since this is about Fraud, the uptake of 34 secure is also a Fraud, because people are being FORCED to register. People dont want it, more passwords to remember, you can use a password you want, so you have to write it down, now anybody can bypass 3d secure
Posted by: Jim 05 Jun 2009