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Online Shopping Gets Securer For Visa Cardholders
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ICICI has picked enStage's solution and the two have partnered with Visa International for 'Verified by Visa' programme.
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Tuesday, April 10, 2007:
enStage, Inc., a provider of e-commerce security solutions and electronic card security products in India, has announced the deployment of its 3-D secure solution by ICICI Bank. With the enStage's solution, ICICI Bank can now offer added protection to its Visa credit and debit cardholders and merchants for online purchases.
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The 'Verified by Visa' programme offered by Visa enables ICICI Bank to intercept an e-commerce transaction and verify the identity of the cardholder. When the cardholder enters the card number at the checkout page of a participating merchant, ACCOSA 3-D secure software at the merchant initiates a verification handshake with corresponding security software at the bank. This results in the bank interacting with the cardholder using either the 'Verified by Visa' protocol and requesting the cardholder to enter pin. The cardholder enters a password that is verified by the bank without disclosing that information to the merchant.
"3-D secure helps banks reduce the risk of online credit and debit card fraud, thereby protecting cardholders and merchants alike," said Sachin Khandelwal, head, cards product group, ICICI Bank. "enStage with its professionalism and expertise in e-commerce payments and security solutions met our needs in a very timely manner and guided us through the many complications of the launch."
Speaking on the announcement, Santanu Mukherjee, country manager, South Asia, Visa International Asia Pacific, said, "'Verified by Visa' is a product specifically aimed at providing consumers with an added layer of security during online payments. We are proud to partner with two other industry leaders, enStage and ICICI Bank, in providing cardholders with this secure technology for their online transactions."
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