In a move to help credit card issuers comply with the new Visa Authenticated Payment Program, designed to ensure safe and secure online payment transactions, BT Ignite, British Telecom’s international and broadband solutions business and Arcot Systems Inc., a provider of e-business security solutions, today announced an outsourced, 3-D Secure payment authentication solution.
Based on Arcot’s TransFort authentication solution, the service will be available from BT Ignite on an Application Service Provider (ASP) basis, giving European Visa financial institutions and card processors time to meet the program to be introduced in the European Union, in April 2002 and by April 2003 for the rest of the world.
Arcot’s TransFort, will allow Visa member banks and card issuers to validate the cardholder’s identity during an online transaction. As a result, card issuers, who under the new rules will bear the liability for online card fraud, will be able to minimize their risk and help give customers peace of mind.
Citing figures from National Consumers League, showing that 43 percent of Internet consumers in the US say having their credit card number stolen is their biggest e-commerce-related concern, Jane Vose, head of e-commerce products for BT Ignite’s Products and Marketing division, says that through working with Arcot, BT Ignite is deploying a solution that will protect merchants and card issuers online and boost consumer confidence in e-commerce.
“This is exactly the sort of initiative that will make secure Internet payments a reality, thereby giving consumers and merchants confidence in online shopping,” agrees Jon Prideaux, Executive Vice President at Visa International.
David Norris, Managing Director, Arcot UK, says: “We are committed to helping banks and card issuers protect the integrity of their customers’ transactions and thereby reduce online card payment fraud.” He believes that through working with BT Ignite, the roll-out of Visa’s Authenticated Payments Program can be accelerated and help ensure the security of online transactions.
Visa Authenticated Payment Program is based on the 3-D Secure Interoperability Protocol and is designed to bring the same level of security online as Visa has offline, by confirming to the e-merchant that the online buyer is the actual cardholder. The service aims to reduce disputes related to fraudulent Internet transactions and increase consumer and merchant confidence in electronic commerce.
