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NIC Launches Verified With Visa

NIC Launches Verified With Visa

Wamuyu on 16 May 2016
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NIC Bank and Visa recently introduced an added layer of security for the banks’ cards through the Verified by Visa service. The new feature was launched for both debit and credit cards allowing consumers to shop securely online.

NIC’s move was necessitated by the fact that online fraud has been on the rise leading to consumers and financial institutions losing millions to hackers.

Increased online fraud figures can also be attributed to the fact that more and more people are shopping for products and services online giving hackers access to more card information than even before. This has necessitated the need for increased security measures for card holders with different institutions putting in place various mechanism to deter theft.

Verified with Visa works by generating a One Time Password (OTP) that is sent to the user’s via text or email each time they attempt to make an online purchase from participating merchants and retailers. This means users are still vulnerable when shopping on non-participating merchants. All participating merchants have the Verified by Visa logo on their site and have the form shown below as part of their checkout process.

Other card payment processing platforms such as PesaPal and Mastercard have their own systems in place. Mastercard use the MasterCard SecureCode which is very similar to Verified by Visa. PesaPal also got validation of compliance on the Payment Card Industry Data Security Standard (PCI DSS). This makes it safe and easy for customers to shop on websites such as Rupu, Hotpoint Appliances, Bata Kenya, Vivid Gold, TopTank , Ticketsasa and many more websites that have integrated Pesapal. For more information on Verified by Visa, visit NIC Bank’s FAQ page which is complete with video’s on how it all works.

 

 

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