MasterCard boost online payment security<\/p>\n
The Jakarta Post, Jakarta<\/p>\n
MasterCard International has developed a technology called
\nSecureCode that allows cardholders, online merchants and card
\nissuers to enjoy more secure online transactions.<\/p>\n
\"SecureCode addresses the two sides to online transactions,
\nthe merchants and the cardholders,\" company vice president for
\nbusiness and technology integration for Asia Pacific region Mark
\nPatrick told The Jakarta Post on Thursday.<\/p>\n
On the merchants' side, the technology allows them to
\nauthenticate the cardholder during a transaction, while on
\nthe cardholders' side, the technology prevents non-cardholders
\nfrom using their cards, Patrick explained.<\/p>\n
\"Even if, for example, I hold your credit card, I can't use it
\nwithout your secure code. It works like autoteller machine cards
\nthat require a PIN,\" he said.<\/p>\n
Patrick was in Jakarta to introduce the technology to some
\npayment gateway vendors in Indonesia. The company has offered the
\nservice to payment gateway vendors and online merchants in the
\nUnited States, European continent and Asia.<\/p>\n
With SecureCode, Patrick said, the company was expecting a
\nsignificant growth in e-commerce transaction volumes, eliminating
\nroughly 75 percent to 80 percent of e-commerce fraud.<\/p>\n
The new technology was introduced in response to many people's
\nfears of fraud while doing transactions online. A report by
\neMarketer magazine released in 2002 said that there was an
\nuntapped e-commerce market worth as much as US$3 trillion
\nglobally, while research by MasterCard revealed 73 percent of
\npotential online consumers agreed that enhanced security features
\nwould influence their decision to purchase online.<\/p>\n
Aside from MasterCard, payment card firms Visa and American
\nExpress have also been seeking to boost security in online
\ntransactions. For instance, Visa has introduced its technology,
\ncalled Verified by Visa, while American Express has launched the
\nso-called \"ironclad protection\".<\/p>",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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