Playa del Ingles Gran Canaria: Credit cards are safer
After the mass closures of credit cards in the recent past, confidence in their security tarnished for many bank customers. The provider and not promote the numbers on credit card by more than the safest method. Damage caused by the data leak would be taken over. And in fact the companies have started even before the data leak at a English service with the introduction of further safety standards. When paying by credit card over the Internet so that further protection walls will be confiscated. On the consumer result leading to innovations.
driving Thus, the two leading credit card providers are currently ahead of the nationwide introduction of a new method: the "MasterCard Secure Code" and the code "Verified by Visa". These are valid only for Internet payments. In addition, by the end of 2010 all Credit cards are equipped with the EMV chip - and thus still be unforgeable.
The new security procedures for Internet payments shall refrain from entering a password. When shopping on the net it was finally so that the credit card the customer will not be submitted physically again, says Hugo Godschalk of the consulting firm PaySys in Frankfurt, which specializes in non-cash payments. To date only the input of the three-digit security code serves on the back of the card as an additional protection. "If the cardholder to enter a PIN number now also need that is not on the card, the transaction is more secure."
the customer pays in the future from an Internet dealer, who will support the process, consider whether the particular card also supports the process, explains Stefan Marotzke of the German Savings Banks and Giro Association (DSGV). The customer will be redirected to a secure website where they are prompted to enter a password. He has set the password yourself beforehand - so it is only known to him and the card issuer. "It will no longer possible to have card numbers that were picked up elsewhere, may be used fraudulently."
That he is on the trusted side of the card company, know the customer remember that the information appear to know only he and his card issuer, says Marotzke. This will ensure that he is not invited to dubious sites to a password. "So far, the abuse rates in e-commerce with credit cards were always higher than in other areas, as could be done with relatively little information, a transaction." The new standard will also establish a connection between cardholders and card issuers established and verified the customer as an authorized cardholder.
for the safety of an online transaction is, however, that the retailer supports the system, says Godsell. "From my experience, the make relatively few Internet service provider. "Shows the savings banks, according to a logo on the side of the online stores, whether the new technology is used." But the card issuer, so the bank has to play, "says Godsell. For the participation of the bank was yet voluntary.
"MasterCard Secure Code and Verified by VISA will prevail in the medium term in our estimation, but if you pay in e-commerce and in particular at the major e-commerce retailers in Europe," says Matthias Hönisch, payments expert at the Central Credit cards (ZKA). The standard ultimately create more security for the seller.
The second major innovation is the introduction of EMV chip for credit cards. EMV stands for Europay, MasterCard, Visa "and is an international standard for chip card companies for processing card payments explains Hönisch. Thus, the data is not read via the card's magnetic stripe and encrypted, but on a computer chip that says Godsell. While this system in normal debit cards is already widespread, currently only about 25 percent of the credit card has such a chip. "According to a pledge by European banks but should be equipped by the end of 2010 all credit cards with the EMV chip."
Even the EMV chip is more difficult for credit card fraud. For a conventional magnetic stripe card can be duplicated with relatively simple technical equipment. "To copy a card with EMV chip, based on today's technology for a scam and almost impossible because of the high cost is not economically profitable."
to the end of 2010 to be converted to all terminals of terminals on the chip acceptance in Europe, says Marotzke. This is to prevent duplication and counterfeit cards can be used. For each number a card authentication process have been made by the combination of card and terminal.
"When it comes to credit cards but we still live in separate worlds," added Hönisch. While the European banking industry worldwide with the EMV chip has a leading role, other countries like the U.S. had not yet followed suit. So that the card is operational internationally, credit cards of European customers are first mentioned chip and magnetic stripe.
driving Thus, the two leading credit card providers are currently ahead of the nationwide introduction of a new method: the "MasterCard Secure Code" and the code "Verified by Visa". These are valid only for Internet payments. In addition, by the end of 2010 all Credit cards are equipped with the EMV chip - and thus still be unforgeable.
The new security procedures for Internet payments shall refrain from entering a password. When shopping on the net it was finally so that the credit card the customer will not be submitted physically again, says Hugo Godschalk of the consulting firm PaySys in Frankfurt, which specializes in non-cash payments. To date only the input of the three-digit security code serves on the back of the card as an additional protection. "If the cardholder to enter a PIN number now also need that is not on the card, the transaction is more secure."
the customer pays in the future from an Internet dealer, who will support the process, consider whether the particular card also supports the process, explains Stefan Marotzke of the German Savings Banks and Giro Association (DSGV). The customer will be redirected to a secure website where they are prompted to enter a password. He has set the password yourself beforehand - so it is only known to him and the card issuer. "It will no longer possible to have card numbers that were picked up elsewhere, may be used fraudulently."
That he is on the trusted side of the card company, know the customer remember that the information appear to know only he and his card issuer, says Marotzke. This will ensure that he is not invited to dubious sites to a password. "So far, the abuse rates in e-commerce with credit cards were always higher than in other areas, as could be done with relatively little information, a transaction." The new standard will also establish a connection between cardholders and card issuers established and verified the customer as an authorized cardholder.
for the safety of an online transaction is, however, that the retailer supports the system, says Godsell. "From my experience, the make relatively few Internet service provider. "Shows the savings banks, according to a logo on the side of the online stores, whether the new technology is used." But the card issuer, so the bank has to play, "says Godsell. For the participation of the bank was yet voluntary.
"MasterCard Secure Code and Verified by VISA will prevail in the medium term in our estimation, but if you pay in e-commerce and in particular at the major e-commerce retailers in Europe," says Matthias Hönisch, payments expert at the Central Credit cards (ZKA). The standard ultimately create more security for the seller.
The second major innovation is the introduction of EMV chip for credit cards. EMV stands for Europay, MasterCard, Visa "and is an international standard for chip card companies for processing card payments explains Hönisch. Thus, the data is not read via the card's magnetic stripe and encrypted, but on a computer chip that says Godsell. While this system in normal debit cards is already widespread, currently only about 25 percent of the credit card has such a chip. "According to a pledge by European banks but should be equipped by the end of 2010 all credit cards with the EMV chip."
Even the EMV chip is more difficult for credit card fraud. For a conventional magnetic stripe card can be duplicated with relatively simple technical equipment. "To copy a card with EMV chip, based on today's technology for a scam and almost impossible because of the high cost is not economically profitable."
to the end of 2010 to be converted to all terminals of terminals on the chip acceptance in Europe, says Marotzke. This is to prevent duplication and counterfeit cards can be used. For each number a card authentication process have been made by the combination of card and terminal.
"When it comes to credit cards but we still live in separate worlds," added Hönisch. While the European banking industry worldwide with the EMV chip has a leading role, other countries like the U.S. had not yet followed suit. So that the card is operational internationally, credit cards of European customers are first mentioned chip and magnetic stripe.
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