Boost for Internet Security; MONEY MAIL
Phillips, Liz, Daily Mail (London)
Byline: LIZ PHILLIPS
EVEN though 33 million Britons use the internet, most are worried about giving out their credit or debit card numbers.
Now, after years of arguing over the best way to prevent online fraud, Visa and Mastercard are ready to introduce new systems.
But one card-issuer, internet bank cahoot - part of Abbey National - says the new systems don't go far enough and will take months, if not years, to get up and running.
Visa and Mastercard's systems both need the cardholder, the retailer and the banks dealing with them to co-operate to make the scheme work.
In addition, Switch and American Express are both looking at different methods.
Tim Sawyer of cahoot says: ' Everyone wants their own standard. But all customers want is a hassle-free way of paying online without having their card number stolen and the worry of rogue transactions cropping up on their bill.' Mastercard is introducing a Unique Cardholder Authentication Field (UCAF), which sits on the retailer's website.
When you buy online, you will be asked for your card number and the extra three digits printed on the signature strip on the back of your card. Anyone copying your card or getting the card number from an old transaction strip will not have this number.
Your card company authorises the transaction, and the retailer has to check that the delivery address you have provided is the same as the one held on file with the card issuer.
Visa's system, called 3D secure, is being rolled out across Europe this year. You have to register to get a password from your card issuer. The password is used whenever you shop over the internet to prove you are the genuine owner of the card. The retailer and the bank have to bring in new systems to be able to recognise the password.
But both these systems mean that you still have to put your credit or debit card number on the web.
Cahoot has introduced a virtual card, called the webcard, which it says has already stopped [pound]1 million of fraud since it was started at the beginning of the year. …